The Chamber of Oil Marketing Companies (COMAC) is asking the government to take steps to curb the cedi’s depreciation to help stabilise fuel prices at the pumps.
The call comes as the local currency, which had previously strengthened and driven prices down, has recently shown renewed signs of weakness.
The Board Chairman of the Chamber of Oil Marketing Companies (COMAC), Gabriel Kumi, made the comment at the annual petroleum industry fun games, PetFun 2025, which brought together staff, executives of member oil marketing companies, and other service providers across Ghana for a day of sporting competition, team-building, and wellness.
Gabriel Kumi, in an interview with the media on the sidelines of the event, underscored the importance of the government keeping the cedi stable.
“At the media engagement, the President gave certain assurances that the Finance Ministry and the Economic Management Team are working very hard to stabilize the cedi. The depreciation of the cedi contributes to a very large extent towards the increment we have seen in recent years on the price of the product but comparatively it is still good.
“If you look at the fact that this government took the cedi from about GHȼ17 [ to a dollar] and we are now around GHȼ12 [to a dollar], it is still good, but what this current government needs to do is to make sure that they put a tap on the cedi so that it doesn’t go up any further.
“If the cedi goes up, we at COMAC have very little control over the pump price. Our goal is to ensure that the price of the product continues to remain low,” he said.
Dr. Riverson Oppong, Chief Executive Officer of the Chamber, projected fuel price hikes in the second pricing window of September, due to recent depreciation of the cedi, while also calling for a more robust energy sector.
“The pricing outlook is out, and we have seen some increase. We are still waiting for the floor price to determine what variables are changing. But from the outlook, you can see the cedi has depreciated a bit, which will obviously affect the pricing from Monday,” he remarked.
“It is a bit dicey in the country called Ghana. We are looking forward to having very solid and comprehensive policies that will ensure the energy sector is paying for itself, paying its dues, and even contributing to the economy of this country,” Dr. Riverson Oppong subsequently added.
Meanwhile, some participants in this year’s PetFun shared their reasons for taking part.
“Sometimes we work very hard in the office and some of our people don’t have the time to go out and I think for the well life balance, it is very good. We should have it more often,” Vivo Energy Ghana Managing Director Christian Li said.
“We came here to de-stress, have fun and exercise our bodies and to share solidarity with all other industry players,” Communications Manager for TotalEnergies Marketing Ghana PLC Endesha Ampofo also added.
