The Chamber of Petroleum Consumers has put out what it refers to as the ideal structure to help maintain long-term fuel price management.
The Chamber advises that instead of bulk oil distributors importing goods in pieces, the nation should instead aggregate the necessary volumes over time and import in large quantities.
In a media interview, COPEC’s executive secretary, Duncan Amoah, stated that the proposed regulation will also help to lessen BDCs’ need for foreign exchange and the devaluation of the cedi.
Combined imports, he continued, would help keep fuel costs stable for at least the next three months rather than fluctuating as they do now.
The Gold for Oil Policy, according to Mr. Amoah, may add new layers to the value chain, which could make the problem worse rather than solving the problem of fluctuating fuel costs.
He exhorted the Economic Management Team and the Bank of Ghana to use the proceeds from the sale of the gold to stabilize the Cedi in order to help every sector that uses dollars.
