Ghana Has Over Two Months of Fuel Reserves, NPA Assures Amid Global Uncertainty on Iran-Israel Conflict

Ghana’s energy security remains stable despite global tensions, with the country currently holding fuel reserves sufficient for more than two months, according to the Acting Chief Executive Officer of the National Petroleum Authority (NPA), Godwin Edudzi Tameklo.

Speaking at a high-level engagement with the Parliamentary Select Committee on Energy, Mr. Tameklo confirmed that Ghana’s strategic reserves now exceed 200 million litres of petrol and 150 million litres of diesel. The assurance comes as part of the government’s broader strategy to maintain uninterrupted fuel supply in the face of rising global geopolitical risks.

“We have enough stock to last us beyond two months,” Mr. Tameklo affirmed, adding that additional shipments have already arrived in Ghana and are ready for discharge.

He also cited the ramped-up output from Nigeria’s Dangote Refinery as a key regional supply source that could cushion Ghana’s domestic needs in the months ahead.

On the contentious GH₵1 fuel levy initially scheduled for rollout on June 16, Mr. Tameklo said the government is treading cautiously due to heightened tensions in the Middle East, particularly the Israel-Iran conflict and its potential impact on the Strait of Hormuz, a vital global oil transit route.

Although no significant disruptions have occurred, the government is monitoring the situation closely. Stakeholder consultations with the Chamber of Bulk Oil Distributors and Oil Marketing Companies are ongoing to build consensus and ensure transparency in any future implementation.

ESLA Debate and Fiscal Strategy

Responding to renewed calls from the Minority in Parliament to repeal the Energy Sector Levies Act (ESLA), Mr. Tameklo pushed back, highlighting the critical role such levies play in financing fuel imports and maintaining energy stability.

“If the Minority has a workable alternative, I believe President John Dramani Mahama, a listening president, would consider it,” he said.

He also pointed to recent policy successes, including a GH₵4 drop in pump prices, attributed to forex stabilization measures and improved dollar supply outcomes that have offered some relief to businesses and households.

While acknowledging the potential risks posed by international flashpoints, Mr. Tameklo expressed cautious optimism about ongoing diplomatic efforts aimed at de-escalation. He underscored the NPA’s commitment to shielding the economy from external shocks, ensuring energy availability, and preserving price stability across sectors.

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