The Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, has urged the government to refocus attention on strengthening Ghana’s petroleum storage and refining capacity as a long-term strategy to stabilise the economy.

Speaking on the Citizen Show on Accra 100.5 FM, hosted by Nana Otu Darko on March 2, Amoah said institutions such as the Bulk Oil Storage and Transportation Company Limited (BOST), recently rebranded as the Bulk Energy Storage and Transportation Company, were originally established with a clear mandate — to purchase and store petroleum products to secure the country against future supply shocks and price volatility.

He stressed that BOST was set up to maintain strategic fuel reserves, not necessarily to focus on profit-making.

“The core mandate is to buy and store fuel. The large storage tanks were built to keep fuel for future use and to protect the country when international prices rise,” he explained.

Amoah noted that while reports of the company posting profits may be encouraging, profitability should not overshadow its primary responsibility of safeguarding national energy security.

He further called for increased investment in Ghana’s refinery infrastructure, arguing that revamping and expanding local refining capacity would help cushion the country against global market fluctuations.

By strengthening refineries and maintaining adequate reserves, he said, Ghana would be better positioned to manage rising international petroleum prices.

The COPEC Executive Secretary emphasised the need for policymakers to revisit long-standing energy strategies and make deliberate investments to ensure long-term stability in the sector.