- Ghana would require about US$3 billion to secure six months of fuel reserves
- Iran-Israel war and global oil volatility prompted the discussion
- Fuel reserves seen as vital for price stability and energy security
Gabriel Kumi, Board Chairman of the Chamber of Oil Marketing Companies, has disclosed that Ghana would require approximately US$3 billion to build up six months’ worth of fuel reserves—an essential buffer to protect the country from global petroleum supply shocks.
Speaking at the Joy Business Economic Forum on June 25, 2025, Mr. Kumi highlighted the urgency of establishing strategic fuel reserves in light of ongoing global instability, particularly the Iran-Israel conflict, which has caused significant fluctuations in crude oil prices.
He emphasized that such reserves are crucial for safeguarding Ghana’s energy security and economic stability during times of international supply disruptions or price volatility.
“If we had the necessary storage capacity, we’d need around US$3 billion to secure six months of fuel reserves,” he stated.
Mr. Kumi noted that while the idea of national fuel stockpiles has been widely discussed, real progress has been hindered by limited investment, financial constraints, and inadequate infrastructure.
As a nation that imports its petroleum, Ghana is especially exposed to the risks posed by global oil market dynamics and geopolitical tensions.
He explained that maintaining a strategic fuel buffer would help stabilize local fuel prices, protect consumers from sudden price surges, and ensure consistent supply during crises.
Achieving this objective, he added, would require a concerted effort involving strong government policies, private sector participation, and major investment in fuel storage infrastructure nationwide.
The Joy Business Economic Forum convened policymakers, business leaders, and industry stakeholders to explore Ghana’s economic outlook and assess key sectors driving growth.
