Peter Bismark Kwofie, Executive Director of the Institute of Liberty and Policy Innovation (ILAPI), has warned that Ghana’s limited fuel reserves leave the economy vulnerable amid rising tensions in the Gulf Region.
Speaking on the potential impact of the crisis, Mr Kwofie highlighted that data from the National Petroleum Authority (NPA) indicates the country’s petroleum reserves may last only about three weeks—posing risks to sectors reliant on fuel for transportation, energy production, and industrial operations.
“Whenever global fuel prices increase, our economy immediately feels the pressure,” he noted, urging the government to expand strategic petroleum reserves to cover at least 15 months instead of relying primarily on foreign currency reserves.
Mr Kwofie also emphasized the importance of increasing exports to sustain Ghana’s recent gains in stabilizing the cedi. He commended the government for its work in maintaining relative exchange rate stability over the past two years but stressed that long-term resilience would depend on boosting foreign exchange through trade.
He suggested Ghana explore opportunities to export food products to countries with limited agricultural capacity, including the United Arab Emirates and other Middle Eastern nations, noting that these markets rely heavily on imports from countries such as the United States and Mexico.
“With proper research and investment, Ghana can strategically position itself to supply food to these markets and earn valuable foreign exchange,” he said, highlighting that such moves would complement efforts to shield the economy from external shocks and strengthen national stability.
