Chief Executive of the Chamber of Bulk Oil Distributors, Dr Patrick Ofori, has urged Ghanaians to recognise the crucial role of the Bank of Ghana (BoG) in cushioning the impact of rising fuel prices.
Speaking on JoyNews’ PM Business Edition on October 2, he cautioned against downplaying the interventions of the central bank, which he described as vital to price stability.
“I think you cannot actually be too insensitive or ungrateful to Bank of Ghana,” he said, noting that the regulator had consistently supported the sector with foreign exchange allocations to stabilise fuel prices.
He revealed that the numbers prove the scale of intervention.
“From July, we had almost $300 million in support from the central bank. It reduced a bit in August to about $190, which was from the central bank alone.
“And in September, the central bank really did well, exceeded $300 million to almost $310 million through our bank that we bid for.”
According to him, the Bank of Ghana, together with the National Petroleum Authority, has been working tirelessly behind the scenes to ensure that price shocks are contained despite global volatility.
He pointed to the efforts of NPA’s Abass Tasunti, who was also on the program, as evidence that the authorities are fully engaged in the task of keeping fuel prices in check.
Dr Ofori explained that the interventions are not random but are designed to serve a wider economic purpose.
“On their path, they are trying as much as possible to ensure that they can use fuel prices to control inflation, as the IMF and the other team have projected that they want the year to end with inflation at around 8%.”
He stressed that while price hikes remain painful for consumers, the efforts of the central bank cannot be overlooked.
For him, the sustained allocation of foreign exchange to importers has been key to keeping fuel prices from spiralling further out of control.
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Source: myjoyonline.com
