The Board Chairman of the Chamber of Oil Marketing Companies, Gabriel Kumi has revealed that Ghana will need approximately US$3 billion to secure six months’ worth of fuel reserves to cushion the country against external shocks in times of global shortage of petroleum products.
He made this statement while speaking as part of the Joy Business Economic Forum on June 25, 2025. The forum was held in response to the Iran Israel war which created instability in the Middle East, resulting in volatilities in global crude oil prices.
Mr. Kumi emphasized the importance of strategic fuel reserves in ensuring energy security and economic stability, especially in times of global supply disruptions or price shocks.
“Assuming we have the storage capacities, we need some US$3 billion to buy six months of fuel reserves,” he stated.
He noted that while discussions around building and maintaining national fuel stockpiles are not new, actual investment and implementation have been limited, largely due to financial constraints and infrastructure deficits.
Ghana, like many oil-importing countries, is vulnerable to fluctuations in global oil prices and geopolitical disruptions.
Mr. Kumi explained that having a six-month buffer would help stabilize the domestic fuel market, protect consumers from abrupt price increases, and reduce the impact of supply chain interruptions.
He also pointed out that achieving this goal would require a coordinated effort involving government policy, private sector investment, and infrastructure development, particularly in expanding fuel storage facilities across the country.
The Joy Business Economic Forum brought together policymakers, business leaders, and industry experts to deliberate on Ghana’s economic prospects and key sectors driving growth.
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