$3 Billion Required to Build Six-Month Strategic Fuel Reserve, Says OMC Chamber Chair
Board Chairman of the Chamber of Oil Marketing Companies (OMCs), Gabriel Kumi, has disclosed that Ghana would require approximately $3 billion to procure fuel reserves sufficient to last six months a measure he says is crucial to safeguarding the economy against global petroleum supply shocks.
Speaking at the Joy Business Economic Forum held on Tuesday, June 25, 2025, Mr. Kumi underscored the urgent need for the country to develop a strategic fuel reserve framework in response to growing instability in the global oil market, triggered by the ongoing conflict between Iran and Israel.
“Assuming we have the storage capacities, we need some $3 billion to buy six months of fuel reserves,” he stated.
He noted that while the conversation around building national fuel stockpiles has persisted for years, actual investments have lagged due to fiscal constraints and a lack of adequate infrastructure.
“Ghana’s vulnerability to global oil price volatility and supply chain disruptions makes this a national priority,” Mr. Kumi stressed, adding that securing a buffer would help stabilise local pump prices, protect consumers, and enhance energy security.
According to him, achieving such a reserve would necessitate a multi-stakeholder approach, including strong government policy direction, private sector participation, and major investments in fuel storage infrastructure across the country.
The Joy Business Economic Forum, which convened policymakers, business leaders, and industry players, is focused on Ghana’s economic resilience amid geopolitical tensions and highlighted energy security as a critical pillar for sustained economic growth.
