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.
βThe 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 canβt blame them because of the nature of our politics because of self-gratification.
βWe spend billions of dollars subsidizing fuel instead of boosting our transportation system. Our mass transportation sector, with the kind of physical waste weβve superintended in this country. Thereβs no reason we donβt have a train,β he told Nana Aba Anamoah on Starr Chat Wednesday.
He also raised concerns over the handling of petroleum prices by governments over the years.
βSo instead of giving 5.9 Foreign Exchange (FX), Ghanaβs dollars would be used for petrol. Letβs get a proper fx market and petroleum prices can reduce by 6% and itβs not rocket science. Government canβt control fuel prices. We are not big buyers we are not big producers. We can only minimize taxes, boost FX.
βThe 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. Itβs almost inevitable but it is manageable,β 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 βwe are spending in excess of 4 or 5 billion Ghana cedis.β