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 during periods of global petroleum shortages.
He made this statement while speaking at the Joy Business Economic Forum on June 25, 2025. The forum was held in response to the Iran-Israel war, which has created instability in the Middle East and triggered volatility in global crude oil prices.
Mr. Kumi underscored the critical need for strategic fuel reserves to ensure 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 said.
He noted that while conversations around national fuel stockpiles have persisted over the years, actual investment and implementation remain limited due to financial constraints and infrastructure challenges.
As an oil-importing country, Ghana remains vulnerable to fluctuations in global oil prices and geopolitical crises.
Mr. Kumi explained that maintaining a six-month buffer would help stabilize the domestic fuel market, shield consumers from abrupt price hikes, and reduce the impact of supply chain interruptions.
He further emphasized that achieving this goal will require a coordinated effort involving government policy, private sector investment, and major infrastructure development—particularly in expanding fuel storage capacity across the country.
The Joy Business Economic Forum brought together policymakers, business leaders, and industry experts to discuss Ghana’s economic prospects and examine key sectors driving national growth.