Revive local refineries to cut fuel prices – COPEC urges govt

Paul Eric Ofori is the Head of Research at COPEC. He has urged the government to revive local oil refineries. This would help reduce Ghana's reliance on imported fuel. It is a long-term solution for rising fuel prices and economic strain.

Ofori spoke on Channel One TV’s Breakfast Daily on May 16. He expressed concern about Ghana's dependence on imported refined petroleum products. He called the current system economically unsustainable.

He said, “Let’s get TOR running and private refineries too.” He emphasized cutting down imports of finished petroleum products. Importing fuel is very expensive and not sustainable.

Revamping local refining would give Ghana more control over fuel pricing. It would also ease pressure on consumers facing high petrol and diesel prices. Ofori stated, “I see no reason why we should be buying petrol and diesel at 15 and 14 cedis.”