Senyo Hosi, the CEO of the Ghana Chamber of Bulk Oil Distributors, has described Ghanaian politicians as “extremely myopic” for failing to build a mass transit system for the country’s inhabitants.
“The money we have spent in the last ten years wasting around petroleum would have transformed our mass transportation sector. Politicians in our country under our current democracy are very myopic and you can’t blame them because of the nature of our politics because of self-gratification.
“We spend billions of dollars subsidizing fuel instead of boosting our transportation system. Our mass transportation sector, with the kind of physical waste we’ve superintended in this country. There’s no reason we don’t have a train,” he told Nana Aba Anamoah on Starr Chat Wednesday.
He also raised concerns over the handling of petroleum prices by governments over the years.
“So instead of giving 5.9 Foreign Exchange (FX), Ghana’s dollars would be used for petrol. Let’s get a proper fx market and petroleum prices can reduce by 6% and it’s not rocket science. Government can’t control fuel prices. We are not big buyers we are not big producers. We can only minimize taxes, boost FX.
“The FX that is being deployed for oil today is being priced at about 6.4, but the Central Bank is releasing FX to the market at about 5.9. Nobody can promise you lower petroleum prices. The only one that can do it is the world. It’s almost inevitable but it is manageable,” he revealed on Starr Chat with Nana Aba Anamoah Wednesday, 10th November, 2021.
The businessman disclosed that there is some level of corruption in the transactions with the sector adding, that is also causing the nation and “we are spending in excess of 4 or 5 billion Ghana cedis.”
