The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah says Ghana's economy will remain excessively presented to instability on the worldwide market if it doesn't commit assets to make the Tema Oil Refinery productive.
As per him, a proficiently working Tema Oil Refinery will guarantee that the nation saves unfamiliar money that would normally leave the economy in return for oil-based commodities.
Talking on The Point of View on Citi TV on Wednesday, Duncan Amoah said, "the most basic thing the strategy side ought to consider right now is to reestablish those establishments [Tema Oil Refinery and Bulk Oil Storage and Transport Company] due to somewhere safe net [issues]."
He proposed that the normal $450 million spent a month to month by Ghana to import oil-based commodities is excessively and should be turned around to reinforce the cedi and balance out the economy.
"You can't keep on being an oil-delivering nation and throw out your processing plant. Assuming we take out the treatment facility, what it essentially implies is that you will rely upon Europe for your economy to run because basically what your vehicles and motors would consume would need to be imported and that makes sense of why the Ghanaian cedi has always been unable to perform well since, supposing that you're bringing in $450 month to month for oil-based commodities alone, you can envision the amount it detracts from your economy," he noted.
The rising fuel costs and a general spike in expansion have brought about the remarkable expansion in the cost of products the nation over.
As experts propose different answers for the issue including the public authority driving industrialisation, Duncan Amoah has said that given that the cost of fuel influences pretty much every financial activity in the country, the public authority should find earnest ways to capture its steady ascent.
Right now, petroleum and diesel are being sold at a normal of 12 cedis in the country.
"We have contended that no holds barred, get TOR back on stream since it will give you the fuel security you want and lessen your calculated expense in bringing in," Duncan Amoah said, focusing on that growing and causing TOR proficient will to likewise make occupations.
Fuel pirating
Duncan Amoah further showed that the increasing expense of fuel in Ghana is driving the unlawful business of fuel carrying, particularly in Togo and Ghana.
As indicated by him, the roaring business, if not checked, will make the nation lose projected incomes.
"[If nothing is done] We'll have what is happening where trucks will begin crossing in from Togo and what it implies is that your volumes in Ghana, which the duties will be gathered on, will decrease. quite a while back, the converse was the situation, individuals used to sneak from Ghana to Togo. You can't stop it because the benefits are very colossal. The drop out is the projected income that you hope to get from your oil changes, you may not get it because, in your adjoining nations, it is less expensive," he said.
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