Major fuel importers have prioritised Ghana’s fuel needs over exports to neighbouring countries, the Ghana Chamber of Bulk Oil Distributors (CBOD) said.
Its Chief Executive Officer, Dr Patrick Kwaku Ofori, said the major suppliers had maintained local deliveries and competed fairly throughout the crisis. Dr Ofori assured consumers and oil marketing companies that fuel supplies would remain available.
The CBOD Chief Executive Officer said cargo arrangements would support deliveries through December and prevent the queues experienced elsewhere. He attributed the continued availability of products to ethical business practices among CBOD members and awareness among consumers and oil marketing companies. Dr Ofori said members had been transparent with the regulator.
Dr Ofori explained that once products were in the country and had been priced, suppliers could sell them to recover their money. That would allow them to pay their trading partners and the banks financing their imports.
He said serving Ghanaian consumers had come before pursuing export opportunities. US venture capital deals notched an all-time high of $330 billion in 2021.
The Finance Ministry is considering increasing the withholding tax threshold on the supply of goods. World food prices rose for the first time in a year, according to the FAO.
The policy rate is projected to reach 14% as inflation hits pandemic levels. Opportunities exist to leverage, according to Yofi Grant.
Dr Ofori said the Chamber also monitors its members to protect consumers from exploitation. He said they even self-regulate themselves and ensure that nobody takes advantage of the consuming public.
The CBOD Chief Executive Officer said almost all the big guys who were leading on the various news that were published consistently have served, and they have competed fairly and served the Ghanaian public before even thinking about exports into neighbouring countries.