The Executive Director of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah says Ghana's economy will remain unnecessarily introduced to precariousness on the overall market in the event that it doesn't commit resources for make the Tema Oil Refinery useful.
According to him, a capably working Tema Oil Refinery will ensure that the country sets aside new cash that would ordinarily leave the economy as a trade-off for oil-based products.
Chatting on The Point of View on Citi TV on Wednesday, Duncan Amoah said, "the most fundamental thing the methodology side should consider right presently is to restore those foundations [Tema Oil Refinery and Bulk Oil Storage and Transport Company] because of some place safe net [issues]."
He recommended that the ordinary $450 million spent a month to month by Ghana to import oil-based products is unnecessarily and ought to be turned around to build up the cedi and equilibrium out the economy.
"You can't continue to be an oil-conveying country and toss out your handling plant. Accepting we take out the treatment office, what it basically suggests is that you will depend upon Europe for your economy to run in light of the fact that fundamentally what your vehicles and engines would consume would should be imported and that gets a handle on why the Ghanaian cedi has forever been not able to perform well since, assuming that you're getting $450 month to month for oil-based products alone, you can imagine the sum it brings down your economy," he noted.
The rising fuel costs and a general spike in development have achieved the exceptional extension in the expense of items the country over.
As specialists propose various solutions for the issue including the public power driving industrialisation, Duncan Amoah has said that given that the expense of fuel impacts essentially every monetary movement in the country, the public authority ought to track down sincere ways of catching its consistent rising.
At the present time, petrol and diesel are being sold at an ordinary of 12 cedis in the country.
"We have battled that no limits, get TOR back on stream since it will give you the fuel security you need and decrease your determined cost in acquiring," Duncan Amoah expressed, zeroing in on that developing and making TOR capable will in like manner make occupations.
Fuel pilfering
Duncan Amoah further showed that the rising cost of fuel in Ghana is driving the unlawful business of fuel conveying, especially in Togo and Ghana.
As demonstrated by him, the thundering business, in the event that not checked, will cause the country to lose projected livelihoods.
"[If nothing is done] We'll have what's going on where trucks will start crossing in from Togo and what it suggests is that your volumes in Ghana, which the obligations will be accumulated on, will diminish. a surprisingly long time back, the opposite was what was happening, people used to sneak from Ghana to Togo. You can't stop it in light of the fact that the advantages are exceptionally gigantic. The drop out is the projected pay that you desire to get from your oil transforms, you may not get it in light of the fact that, in your connecting countries, it is more affordable," he said.
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