COPEC calls for strategic fuel reserve to reduce dependence on tax cuts

The Chamber of Petroleum Consumers (COPEC) has pushed for the establishment of a strategic petroleum reserve as a more dependable solution to lessen reliance on temporary tax cuts amid fuel price fluctuations. Speaking on Adom FM's Dwaso Nsem, COPEC Executive Secretary Duncan Amoah highlighted that consistently depending on tax reductions is not a viable long-term strategy for addressing fuel price pressures.

Amoah proposed that Ghana requires a systematic framework where a portion of petroleum products is stored during periods of lower prices to provide relief to the market when international prices surge. "A government should have a strategic reserve programme," Amoah emphasized. He elaborated that setting aside products over time would enable the nation to supply the market at more consistent prices during challenging periods without solely resorting to tax interventions.

According to Amoah, such a system would grant the government greater flexibility in managing price shocks rather than only reacting when prices are about to rise significantly. He pointed out that although short-term measures can offer temporary relief, constructing a proper reserve would deliver a more dependable buffer for the economy and consumers in the long run.

Amoah asserted that Ghana needs a more strategic and forward-thinking approach to petroleum pricing rather than relying primarily on tax adjustments.