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Financial Analyst, Sydney
Casely-Hayford has criticized the Chief Executive Officer (CEO) of the
Bulk Oil Distribution Companies (BDCs) for thanking the President for
ordering the release of strategic fuel reserves.
Senyo Horsi, on
Citi FM’s The Big Issue thanked the President for his intervention and
promised the supply of fuel to consumers by close of Saturday, June,28.
But
in response, Casely-Hayford criticized Mr. Horsi’s appreciation to the
President saying, “there is no gratitude to be given to the President.
He has created the mess.”
According to him, the President should
be held responsible for the situation together with his Minister and
Executives appointed to oversee the energy sector.
Casely-Hayford also stated that the release of Ghana’s strategic fuel reserves indicates government’s failure
“…By
government accepting that it is releasing its strategic reserves,
government has admitted its failure. Government is clearly telling us
that they have not managed this thing [fuel shortage] very, very well,”
he said.
It has been six days since consumers of fuel started experiencing acute shortage of the product.
The
incident began after government failed to heed the warning given by the
Bulk Oil Distribution Companies (BDCs) that its huge indebtedness to
them will inevitably halt fuel supply.
The President then ordered
the Finance Ministry to pay the BDCs an amount of $60 million to offset
some of its total debt of GHC 1.8billion.
The shortage however
worsened until the President again ordered the release of the nation’s
strategic fuel reserves for onward distribution to fuel stations where
motorists had been queuing for days.
The Financial Analyst
pointed out that the fuel shortage has brought all economic activity to a
standstill saying, “there is no market activity; taxis are parked,
‘trotros’ are parked, nobody is moving.”
He added that there is
too much uncertainty among Ghanaians and the shortage “is disturbing the
economic activity in this country.” |
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