Stabilise cedi to prevent fuel price hikes — COMAC urges gov’t
The Chamber of Oil Marketing Companies (COMAC) has appealed to government to take decisive steps to stabilise the Ghana cedi, warning that continued depreciation could drive fuel prices higher and strain consumers.
The call comes amid renewed weakness in the local currency, which had earlier strengthened and helped bring down pump prices.
Fuel Price Stability Hinges on Currency
Speaking at PetFun 2025, the Chamber’s annual petroleum industry fun games held in Accra, COMAC Board Chairman Gabriel Kumi stressed that a stable cedi is essential for managing fuel prices.
“The depreciation of the cedi contributes to a very large extent towards the increment we have seen in recent years on the price of the product. If the cedi goes up, we at COMAC have very little control over the pump price. Our goal is to ensure that the price of the product continues to remain low,” Mr Kumi said.
He noted that while the cedi has appreciated significantly compared to previous years, moving from around GHS17 to about GHS12 per US dollar, the government must “put a tap on the cedi so that it doesn’t go up any further.”
Mr Kumi added that the President has assured industry players that the Finance Ministry and the Economic Management Team are working to stabilise the currency.
Outlook for Pump Prices
COMAC Chief Executive Officer Dr Riverson Oppong warned that fuel prices could rise in the second pricing window of September due to the cedi’s recent depreciation.
“The pricing outlook is out, and we have seen some increase. We are still waiting for the floor price to determine what variables are changing. But from the outlook, you can see the cedi has depreciated a bit, which will obviously affect pricing from Monday,” Dr Oppong explained.
He also called for “solid and comprehensive policies” to strengthen the energy sector so it can pay its dues and contribute more to the economy.
PetFun 2025: Industry Camaraderie
The PetFun event brought together staff, executives of member oil marketing companies, and service providers for a day of sports, team-building, and wellness.
Participants highlighted the importance of the event for workplace balance.
“Sometimes we work very hard in the office and don’t have time to go out. For work-life balance, it is very good. We should have it more often,” said Christian Li, Managing Director of Vivo Energy Ghana.
“We came here to de-stress, exercise, and share solidarity with industry players,” added Endesha Ampofo, Communications Manager for TotalEnergies Marketing Ghana PLC.
