BOST Managing Director, Edwin Alfred Provencal, has dropped a shocking revelation about Ghana's current fuel insurance cover.
Not too long ago the Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors, Mr Senyo Hosi, recently urged the public not to engage in panic buying of fuel assuring them that the country has a one-month fuel cover.
His assurance came after a Bloomberg report on Tuesday, June 21, 2022 said the country is facing a looming fuel shortage as the central bank rationed dollars after oil prices surged following Russia's invasion of Ukraine.
Mr Hosi, in an interview with the Ghana News Agency, gave Ghanaians hope saying "yes, we are having challenges accessing dollars and if that continues, we will not be able to buy fuel. That has been anticipated and we are working with the respective institutions to keep the situation stable".
But the BOST MD says the nation doesn't have a month fuel cover.
Speaking in an interview on Peace FM's "Kokrokoo" programme on Monday, September 19, 2022, Mr. Alfred Provencal revealed that the Kufour government initiated a strategic reserve levy from which the company could buy oil and store it for future use but the levy was cancelled.
" . . Since it was cancelled, we haven't consciously made an effort as a country to make that happen because there's no money to buy the oil and store," he stated.
As a result, Ghana's fuel insurance cover today looks bleak as BOST cannot deliver on its mandate of buying oil and storing it in bulk for future use.
"We don't have the resources needed as BOST today to really deliver this mandate. So, as I speak right now, our maximum (cover) is about 12/13 days instead of the 6 weeks," he disclosed.
Listen to his full submissions below:
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