Remain modest in your quest to bring affordable fuel into Ghana - Senyo Hosi to government

Economic analyst, Senyo Hosi has called on government to remain modest in its resolve to purchase affordable petroleum products into the country from other sources. This comes after a government delegation has been reported to be in Abu Dhabi to lead negotiations in hopes of securing a deal to bring cheaper fuel to the Ghanaian market in the wake of soaring price hikes. The former Chief Executive Officer of the Ghana Chamber of Bulk Oil Distributors however shares a cautious view on the decision taken by government. He explained that on the fuel price market, the purchase of petroleum products is dependent on the stability of the currency as well as other macroeconomic indicators but particularly not dependent on the location the commodity is purchased. “So, I will encourage government to be a bit more modest in the promises he gives to the public otherwise he will raise expectations that sometimes he just may not be able to sustain," he noted. “So just manage your communication and expectations,” Senyo Hosi said in an interview with Accra-based Joy News. The petroleum expert also believes that one of the ways to address rising fuel prices in the country would be dependent on the appreciation of the local currency which has declined by about 50 percent in about 10 months. MA/FNOQ