Gabriel Kumi, Board Chairman of the Chamber of Oil Marketing Companies (COMC), has revealed that Ghana would require approximately US$3 billion to establish a six-month strategic fuel reserve, aimed at insulating the country from external shocks and global petroleum supply disruptions.
Speaking at the Joy Business Economic Forum on June 25, 2025, Mr. Kumi highlighted the urgent need for fuel stockpiles amid ongoing geopolitical tensions, particularly the Iran-Israel conflict, which has fueled volatility in global crude oil prices.
“Assuming we have the storage capacities, we would need about US$3 billion to purchase and hold six months’ worth of fuel reserves,” he stated.
Mr. Kumi stressed that Ghana, as a net importer of petroleum products, remains highly susceptible to global oil price fluctuations and geopolitical instability. A national fuel reserve, he explained, would act as a buffer to:
Stabilize local fuel prices, Protect consumers from sudden price hikes, Minimize the effects of supply chain disruptions
While the idea of fuel reserves has been discussed for years, Kumi noted that actual progress has been limited due to a lack of investment and inadequate storage infrastructure.
He called for a collaborative national strategy involving:
Government policy direction
Private sector participation
Significant investment in fuel storage capacity
The Joy Business Economic Forum, where Mr. Kumi made these remarks, convened policymakers, industry leaders, and economists to discuss Ghana’s economic outlook and assess resilience strategies across key sectors, including energy.
The call for fuel reserves forms part of broader discussions on enhancing economic stability and preparedness in the face of growing global uncertainties.