Ghana vulnerable to global oil crisis as strategic buffers run dry – COPEC

Story re-written by; Errah Salifu Razak. 

BABJ28011 

Source: citinewsroom.com 

Accra, Ghana.

Ghana's continued vulnerability to volatile global oil prices, exacerbated by escalating tensions between Israel and Iran, has prompted an urgent call for a complete overhaul of the nation's energy strategy. Duncan Amoah, Executive Director of the Chamber of Petroleum Consumers (COPEC), emphasized in a Channel One Newsroom interview on Saturday, June 14, that Ghana must break free from its heavy reliance on imported refined petroleum and assert greater control over its own hydrocarbon resources.

Amoah decried Ghana's current position as a "price seeker" and a "global observer," lamenting, "We cannot continue to allow international oil marketing companies to come down here, take our hydrocarbon resources and ship everything back to Europe, go refine and process them, and then we will go back with our cargos for the refined product to our country for $400 every month." He stressed that this dependency leaves Ghana's economy precariously exposed to external shocks, such as the ongoing Middle East conflicts that are already pushing crude prices upward.

"That strategy has also got to change," Amoah asserted, expressing hope that the current Energy Minister, John Jinapor, is well-positioned to address the situation. "We will urge him to re-strategise and get Ghana to be a global observer. Anytime the prices go up, our economy is busted completely, and then things have to go back because Iran is fighting Israel. We should not be feeling this impact immediately."

Amoah's remarks align with a recent directive from President John Dramani Mahama, who on Friday, June 14, urged the Finance and Energy Ministers to closely monitor the escalating Middle East tensions and assess their potential impact on Ghana's economic stability. Speaking during his thank-you tour of the Savannah Region, President Mahama underscored the critical importance of anticipating global events that could jeopardize Ghana's recent economic advancements.

Adding to the concerns, Amoah revealed a troubling state of affairs regarding Ghana's strategic fuel reserves. He stated that the Bulk Oil Storage and Transportation Company (BOST) currently holds "not a single litre," effectively leaving the nation without a crucial buffer against supply disruptions. Furthermore, the Tema Oil Refinery (TOR), a vital asset for bolstering national fuel security, remains largely underutilized.

"We should not be feeling the impact of global price shocks this immediately. But as it stands now, our buffers are all down,” Amoah warned. COPEC is therefore pressing the Energy Ministry for immediate action to replenish fuel reserves and revitalize national infrastructure for domestic oil refining. Without such reforms, COPEC cautions that Ghana will continue to bear the brunt of every global crisis.



Comments

Post a Comment

Popular posts from this blog

News headlines Answers for(Israeli planes will fly over Tehran, Netanyahu says, as Iran warns 'more severe' strikes coming)

  Q1. Yes, it represents it. Q2. It’s create urgency Q3. The image is biased Q4. he headline’s structure privileges Israel’s voice by placing it at the beginning. By leading with Netanyahu’s declaration. Q5. The image add depth to the story Q6. Yes Q7. Example: if the Israeli fighter jets in action and explosions over Tehran Both images have different meanings and effects Q8. Its societal  biased INDEX NO:BABJ28042 NAME:HAROLD AIDOO 
Read more

The Murder Of Indian’s biggest Hip Hop star

  The killing shock Indians when their Hip Hop star, star Sidhu Moose Wala Was shoot dead in his car through windscreen of his car by a gunmen A Punjabi gangster named Goldy Brar had used Facebook to claim responsibility for ordering the hit. Th policeman are still looking for him but his whereabouts are unknown Now BBC eye managed to make contact with Brar and challenged him About how and why Misss wala was the target His reply was coldly articulate. That was his response to BBC, We had no option but to kill him. He had to face the consequences of his actions. It was either him or us. As simple as that." On a warm May evening in 2022, Sidhu Moose Wala was taking his black Mahindra Thar SUV for its usual spin through dusty lanes near his village in the northern Indian state of Punjab when, within minutes, two cars began tailing him. CCTV footage later showed them weaving through narrow turns, sticking close. Then, at a bend in the road, one of the vehicles lurched forward...
Read more

'It's heavy on the heart': Israelis survey damage in city hit by Iranian missile

 Analysis by; Errah Salifu Razak  BABJ28011  Source: BBC NEWS 1. Yes, the image represents the headline story. 2. The image evokes sympathy and urgency.  3. The images are biased. It frames the story as though it was Iran that is evil in this conflict. 4. The story focuses more on the destructed Israeli properties. Hence, making Iran look devilish. 5. The images adds more depth to the headline. 6. A different image would have given the reader a fair ground to make logical conclusion. Assuming that, the destructions metted out on the Iranians by Israel was captured by the story alongside the images it has already provided, the issue of bias wouldn't have risen. 7. Bias  8. It is politically and societally biased.
Read more