COMAC proposes $3bn fuel reserve plan to shield nation from oil shocks
By Praisebell Rosemond Larbi
The Board Chairman of the Chamber of Oil Marketing Companies (COMAC), Gabriel Kumi, has revealed that Ghana would require approximately USD3 billion to secure a six-month national fuel reserve capable of insulating the country against global supply shocks.
Speaking at the Business Economic Forum held yesterday, June 25, 2025, Mr. Kumi underscored the urgency of building strategic fuel reserves amid rising geopolitical tensions, particularly the ongoing Iran-Israel conflict, which has triggered volatility in global oil markets and raised fresh concerns about energy security.
“Assuming we have the storage capacities, we need some USD3 billion to buy six months of fuel reserves,” he said.
Mr. Kumi stressed that establishing such a buffer would help stabilize Ghana’s domestic fuel market, protect consumers from abrupt price hikes, and reduce the economy’s vulnerability to international supply chain disruptions.
While the idea of creating national fuel stockpiles has been discussed in the past, Mr. Kumi pointed out that limited investment and infrastructure constraints have prevented any meaningful progress.
The Board Chairman of COMAC emphasized that achieving this vision would demand a coordinated effort, involving government policy, private sector capital, and robust infrastructure development.
He also highlighted the importance of expanding fuel storage facilities nationwide, which would be critical to the effective management of reserves and ensure equitable distribution during crises.
Ghana, like many fuel-importing countries, remains highly susceptible to external shocks in the global oil market. With domestic fuel prices largely tied to international benchmarks, any disruption, be it conflict, natural disasters, or trade bottlenecks, can have immediate ripple effects on transport costs, inflation, and overall economic stability.
The Business Economic Forum convened policymakers, industry leaders, and economists to discuss Ghana’s economic outlook, with a focus on key sectors such as energy, trade, and manufacturing.
The event served as a platform to explore sustainable solutions for building economic resilience in uncertain global times.
