We have at least 6 weeks of fuel cover – NPA boss calms supply fears

The National Petroleum Authority (NPA) in Ghana has assured the public that the country currently holds at least six weeks of fuel cover, alleviating concerns about an imminent shortage caused by tight global petroleum supplies. NPA Chief Executive Officer, Godwin Edudzi Tamakloe, stated this on Joy News' PM Express Business Edition, responding to reports of reduced fuel exports to some countries in the sub-region.

He emphasized that the existing stocks, in addition to fuel cargoes at sea, offer a substantial safety net for the domestic market, stating, "Currently, we have not less than 6 weeks of cover. Not less."

Tamakloe clarified that the primary concern is not the availability of fuel but the potential impact of international market conditions on prices. He expressed confidence that supply issues would not arise within the next month, attributing this to developments in the international market, such as adjustments from exporting countries and the growing role of Nigeria's Dangote refinery.

He also highlighted the growth of Ghana's private-sector-led downstream petroleum architecture, which aims to encourage private-sector participation and has introduced safeguards to prevent potential price pressures. Despite recent reductions in fuel exports to Burkina Faso and Mali for depot revamp works, NPA officials affirmed that this does not signal an imminent shortage in Ghana.