The Chamber of Oil Marketing Companies (COMAC) has issued a stark warning about an impending fuel supply shock, citing critically low strategic reserves at the Bulk Oil Storage and Transportation Company (BOST). With stock levels nearing depletion, COMAC is calling for urgent government intervention to avert nationwide shortages and price surges. The alert highlights growing concerns over supply chain vulnerabilities in Ghana’s energy sector.
This stark warning comes from Dr. Riverson Oppong, Chief Executive of the Chamber of Oil Marketing Companies (COMAC) , who described the situation as “terrifying” during an interview with a local news network.
“I doubt that as we speak today, BOST can provide even a week’s worth of national fuel supply. That is very terrifying because BOST as an institution does not have its own stock of products stored for emergencies.” Dr. Oppong cautioned.
Dr. Oppong’s alarm comes amid mounting global tensions, particularly in the Middle East, that threaten to disrupt global energy supply chains. The Strait of Hormuz a vital artery for global oil transit remains under threat of blockade due to escalating regional hostilities.
With such volatility on the horizon, Ghana’s lack of strategic fuel reserves could leave the country dangerously exposed to external supply shocks and sudden price surges at the pump.
“Without immediate action, Ghana risks severe energy insecurity, leaving consumers vulnerable to supply shocks and price volatility,” he warned.
Dr. Oppong pointed to systemic issues within the energy sector, particularly at the Energy Ministry and the National Petroleum Authority (NPA), for creating bottlenecks that have effectively sidelined BOST from fulfilling its core mandate.
He cited the denial of LECAN, a key regulatory clearance that permits fuel imports as a major barrier to BOST’s operations.
“LECAN is essentially the authority note that gives you the money and clearance to bring a vessel in. Without it, you cannot import fuel, and BOST doesn’t seem to be getting it.” he explained.
While private importers receive regulatory support to bring in fuel, the state-owned buffer institution remains hamstrung, unable to act during critical times.
A Call for Urgent Policy Recalibration
With fuel consumption in Ghana steadily rising and geopolitical risk intensifying, the Chamber is urging a swift policy recalibration to empower BOST to rebuild its reserves and restore national energy resilience.
“The government must urgently reassess its energy policy to enable BOST to rebuild national reserves,” Dr. Oppong stressed.
Industry observers say the role of BOST, as the country’s buffer in times of supply crisis must be redefined and reinforced with both regulatory and financial support to avert an energy emergency.
If the current trajectory continues, fuel shortages, price hikes, and panic buying could ensue, jeopardizing economic activity, transport logistics, and inflation control efforts.
With oil market volatility on the rise and Ghana’s strategic reserve running dry, the government faces a critical decision, either empower BOST to function effectively or risk leaving the nation vulnerable when it needs protection the most.
Last Updated on June 19, 2025 by Senel Media
