Accra: Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has asserted that the Government of Ghana has the capacity to influence petroleum prices if it chooses to, criticizing the frequent attribution of rising fuel costs to global market forces.
According to Ghana Web, Amoah, speaking in an interview on TV3, emphasized that while international crude oil prices and geopolitical tensions do impact global fuel markets, governments have the ability to implement policies to protect citizens from the full brunt of price shocks. "I said again that government has an absolute control over petroleum pricing if it decides it wants to. If it decides it doesn't want to, then the excuses will come forth where government says, 'Oh, well, this is international market price,'" Amoah stated.
Amoah also pointed out that other countries facing similar global challenges have managed to keep their fuel prices lower, suggesting that Ghana's high fuel prices are due to inadequate planning rather than solely external factors. "The same international markets exist, and yet other countries, even where the wars are happening, are still able to deliver cheaper fuel prices relative to what we sell to our people," he noted.
He likened the situation to a football team without a goalkeeper, suggesting that Ghana lacks the mechanisms to shield consumers from global price volatility. "You saw the World Cup that just went by. No matter how good Spain or Argentina were, if you took out the goalkeeper from the goalpost, the defenders cannot do much because any ball at all from any angle will probably end up in the goal. That is exactly the kind of system we have now," Amoah explained.
Amoah criticized successive governments for being price takers, passing global fuel price increases directly to consumers. "Whatever happens in Ukraine or Russia, the politician will be quick to tell you that you should pay more for fuel in Ghana. What is my business with what Russia and Ukraine do thousands of miles away from me?" he questioned.
He concluded by stressing the vulnerability of consumers due to the country's dependence on international pricing. "We continue to be price takers. We continue to accept whatever the international markets throw at us. We will continue to pass it on," Amoah stated.