The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has called for the creation of a dedicated strategic fuel reserve fund to enable Ghana build emergency petroleum stocks and cushion the country against global supply disruptions.

Speaking on The Big Issue programme on Channel One TV on Saturday, March 7, Mr. Amoah said Ghana currently lacks a structured financial mechanism to intentionally build petroleum reserves, despite the various taxes consumers already pay on fuel products.

He proposed the introduction of a small reserve margin within the petroleum pricing structure to generate funds for strategic fuel storage through the Bulk Oil Storage and Transportation Company Limited (BOST).

“I have advocated all along that we should introduce a reserve margin and allocate it to BOST — a reserve margin controlled by the Ministry and the government. We pay all kinds of taxes on petroleum products, but nothing goes toward building strategic stock. That is worrying,” he stated.

According to Mr. Amoah, establishing such a reserve would provide a crucial buffer for the economy during periods of global supply disruptions or sudden price increases.

He explained that even a small levy on petroleum products could generate significant revenue for emergency fuel purchases.

“If we established a reserve margin fund generating, for example, GH¢50 million every month — considering that in petroleum pricing every one pesewa yields at least GH¢4 million — even a modest 10-pesewa contribution could generate between GH¢40 million and GH¢50 million monthly,” he said.

He noted that the funds could be used to purchase and store petroleum products, ensuring that Ghanaians, businesses and industries have a reliable supply buffer during shortages.

“This is the kind of security and stability such a fund would deliver,” he added.

His proposal comes amid escalating tensions in the Middle East, which have disrupted global fuel supplies and raised concerns about potential price volatility in Ghana.