Accra: Mr Peter Bismark Kwofie, the Executive Director of the Institute of Liberty and Policy Innovation (ILAPI), has expressed concerns over Ghana's limited fuel reserve capacity amid the ongoing crisis in the Gulf Region.
According to Ghana News Agency, Mr. Kwofie highlighted that the country's fuel reserves are currently capable of lasting only about three weeks, a situation he describes as precarious for an economy heavily reliant on petroleum products for critical sectors such as transportation, energy production, and industrial operations.
Mr. Kwofie emphasized the vulnerability of Ghana's economy to global fuel price fluctuations, noting that any increase in fuel prices internationally would immediately affect the nation. To address this risk, he recommended that Ghana expand its strategic petroleum reserves to cover at least 15 months. This approach, he argued, would be more reliable than depending solely on foreign monetary reserves.
In addition to expanding fuel reserves, Mr. Kwofie stressed the importance of boosting exports to underpin the recent progress made in stabilizing the national currency. While commending the government's efforts in maintaining relative stability in the exchange rate over the past two years, he pointed out that sustainable long-term stability hinges on Ghana's capacity to increase exports and generate foreign exchange.
Mr. Kwofie suggested that Ghana could explore opportunities to export more food products to nations with limited agricultural production, such as the United Arab Emirates and other Middle Eastern countries. He noted that these countries are heavily dependent on food imports from places like the United States and Mexico, offering a potential market for Ghanaian agricultural products. By conducting proper research and investment, Ghana could strategically position itself as a key food supplier to these regions, thereby earning valuable foreign exchange.