The Chamber of Oil Marketing Companies (OMCs) has sounded the alarm over a possible fuel shortage in the coming days, attributing the looming crisis to the suspension of the gold-for-oil policy and halted refining activities at Sentuo Oil.Dr. Riverson Oppong, Chief Executive Officer of the Chamber, has called on the government to take immediate action to prevent the anticipated shortage.

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“When the gold-for-oil started, it peaked and when it peaked, we in the petroleum sector saw this coming. Anytime you are drawing a graph and there is a peak, there is a fall and we warned the government but it won’t listen.“And when the supply was cut to an extent and when the Sentuo Oil refinery also ceased to produce, or let’s say, process, we anticipated a loss. Today, the fuel shortage we find in the market has to do with the PMS.

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BDC’s ceased to import because there was gold-for-oil,” he explained.The gold-for-oil (G4O) policy, introduced in 2022 by former Vice President Dr. Mahamudu Bawumia, aimed to stabilize Ghana's fuel supply and reduce pressure on the cedi. Under the policy, Ghana exchanged gold for imported petroleum products, seeking to minimize dollar dependency, control fuel prices, and manage balance of payment issues.

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By March 2023, the Precious Minerals Marketing Company (PMMC) had purchased over 60,000 ounces of gold valued at more than $97 million from local miners. The goal, however, was to secure at least 160,000 ounces worth around $300 million monthly, an amount expected to cover half of the nation's monthly oil demand.However, the program's sustainability has come under scrutiny.

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Former President John Dramani Mahama has vowed to probe the policy if elected president. Speaking at the 3rd Annual Transformational Dialogue on Small-scale Mining at the University of Energy and Natural Resources (UENR) in Sunyani, Mahama questioned the transparency of the deal.“We will investigate the opaque gold-for-oil programme and expose the actors benefiting from this so-called barter agreement.

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Reports reaching me suggest that a new debt burden is being created because Ghana has not been able to keep up with its delivery of gold under the programme,” Mahama said.The OMCs have called for clearer policy direction and better coordination between government and industry players to avert fuel supply disruptions.

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