Ghana’s energy security is facing renewed scrutiny following alarming revelations that the state’s fuel buffer could run dry in less than a week.
Dr. Riverson Oppong, Chief Executive of the Chamber of Oil Marketing Companies, has blamed current energy policy for weakening the Bulk Oil Storage and Transportation Company’s (BOST) ability to maintain national reserves.
In an interview on Channel One TV’s Face to Face programme, Dr. Oppong warned that Ghana is dangerously exposed in the event of global supply disruptions, noting that BOST—the agency responsible for maintaining strategic fuel stocks—currently has no significant reserves to draw on.
“BOST cannot provide even a week’s supply for the country. That is very terrifying,” Dr. Oppong said. “They do not have dedicated emergency stock, and that leaves us extremely vulnerable.”
Dr. Oppong attributed the crisis in part to systemic policy choices that he believes favour private fuel importers at the expense of BOST. He pointed specifically to challenges in acquiring LECAN—the official clearance from the National Petroleum Authority (NPA) required to dock and offload fuel cargo.
“Without LECAN, no vessel can discharge fuel. BOST’s inability to consistently obtain this clearance has become a major obstacle,” he explained.
The situation is made even more precarious by increasing geopolitical risks, including potential disruptions in global oil supply routes such as the Strait of Hormuz. With global tensions rising, Ghana’s lack of fuel reserves could quickly translate into domestic fuel shortages and price spikes.
Dr. Oppong is now calling for urgent government intervention to restore BOST’s strategic role and enable it to stockpile enough fuel to withstand external shocks.
“The Ministry of Energy and the NPA must take a second look at our current policies. This is not just about market competition—it’s about national security,” he emphasized.
His comments add pressure on policymakers to rethink how Ghana balances market liberalisation with the need for robust state-backed energy safeguards.
