In a recent interview during an inter-agency dialogue organized by the Petroleum Hub Development Corporation in Accra, Mr. Godwin Kudzo Tameklo, the Chief Executive Officer of the National Petroleum Authority (NPA), expressed his gratitude to Ghana’s Finance Minister, Dr. Cassiel Ato Baah Forson, and the Governor of the Bank of Ghana, Dr. Johnson Asiamah.
He commended their effective foreign exchange (forex) policies, which have significantly contributed to the stability of the Ghanaian cedi and a consequent drop in fuel prices.
Mr. Tameklo emphasized the importance of the swift and prudent actions taken by the Minister and the Governor in managing the forex market, praising their efforts in achieving relative stability. “I think I need to thank the Minister of Finance and the Governor of the Bank of Ghana for the work they are doing at the upper end, relating to the stability of the cedi. The fuel market has witnessed relative stability,” he stated.
The cedi has shown a remarkable improvement over recent months, with the average interbank exchange rate dropping from GH¢15.34 to GH¢13.68 between February 5 and May 5, 2025. Mr. Tameklo attributed this currency stability directly to the reduction in petroleum prices at the pump, highlighting that the Bank of Ghana’s strategy to auction forex for petroleum imports has played a crucial role in lowering operational costs within the sector.
“If you monitor the market so far, it has been relatively stable, and my prayer is that with one or two interventions we will be bringing onboard, it’s our hope that things become a bit more calm,” he remarked.
Additionally, to address structural challenges within the petroleum supply chain, Mr. Tameklo revealed the government’s plans to construct a second Conventional Buoy Mooring (CBM) facility at Tema Port. This new facility is expected to alleviate vessel congestion and reduce demurrage costs that currently contribute to inflated fuel prices.
Source: Apexnewsgh.com
