Financial Analyst, Sydney Casely-Hayford has criticized the Chief Executive Officer (CEO) of the Bulk Oil Distribution Companies (BDCs) for thanking the President for ordering the release of strategic fuel reserves.<\/p>\n
Senyo<\/span> Horsi<\/span>, on Citi FM\u2019s<\/strong>\u00a0The Big Issue<\/em> <\/strong>thanked the President for his intervention and promised the supply of fuel to consumers by close<\/span> of Saturday, June,<\/span>28.<\/p>\n But in response, Casely-Hayford criticized Mr. Horsi\u2019s<\/span> appreciation to the President saying, \u201cthere is no gratitude to<\/span> be given to the President. He has created the mess.\u201d<\/p>\n According to him, the President should be held responsible for the situation together with his Minister and Executives appointed to oversee the energy sector.<\/p>\n Casely-Hayford also stated that the release of Ghana\u2019s strategic fuel reserves indicates government\u2019s failure<\/p>\n \u201c…<\/span>By government accepting that it is releasing its strategic reserves, government<\/span> has admitted its failure. Government<\/span> is clearly telling us that they have not managed this thing [fuel shortage] very, very well,\u201d he said.<\/p>\n It has been six days since consumers of fuel started experiencing acute shortage of the product.<\/p>\n The incident began after government<\/span> failed to heed the warning given by the Bulk Oil Distribution Companies (BDCs) that its huge indebtedness to them will inevitably halt fuel supply.<\/p>\n The President then ordered the Finance Ministry to pay the BDCs an amount of $60 million to offset some of its total debt of GHC 1.8billion.<\/p>\n The shortage however<\/span> worsened until the President again ordered the release of the nation\u2019s strategic fuel reserves for onward distribution to fuel stations where motorists had been queuing for days.<\/p>\n The Financial Analyst pointed out that the fuel shortage has brought all economic activity to a standstill saying, \u201cthere is no market activity; taxis are parked, \u2018trotros\u2019<\/span> are parked, nobody is moving.\u201d<\/p>\n He added that there is too much uncertainty among Ghanaians and the shortage \u201cis disturbing the economic activity in this country.\u201d<\/p>\n <\/p>\n By: Efua Idan Osam\/citifmonline.com\/Ghana
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