Chief Executive Officer of the Chamber of Bulk Oil Distributors, Senyo Hosi, has lashed out at political actors in the country for their inability to develop innovative solutions to the frequent fuel hikes describing them as “myopic” in the process.

Senyo Hosi believes the consistent failure of politicians to see beyond the present and develop short to long-term measures that cushion the citizens against crude oil price increase on the world market, as well as its attendant effects at Ghanaian pumps shows the quest of politicians to do things for the sake of elections.

The Chamber of Bulk Distributors CEO was appalled that despite the investments made over the years in infrastructural developments, very little commitment has been shown in mass transport which he says could be a long-term measure at mitigating the fuel increase effect on consumers.

Comparing the situation as exists in England and other countries, Senyo Hosi advised government to emulate such best practices as a long-term measure.

On the short-term, the CEO charged ‘power-seeking’ politicians to address issues regarding the exchange rate suggesting that the Central Bank and the Petroleum industry players should work out a fixed rate that will withstand the depreciation of the cedi against its major trading currencies especially the dollar.

“There is a short-term and there’s a long-term. The long-term we will be dealing with things like mass transportation. We have spent more than $2billion we took from China. We spent it over a period of 2-5 years. That money would have transformed mass transportation long time. And when there is fuel price hikes, there is decent mass transportation whether it is a train or modern rail system or a bus. We will ride it like how we do when we go to London. Today we will not want to sit in a trotro or something maybe because of the way it is but if you were in London you won’t have a problem parking your car because it is even too expensive moving your car. So that’s a long-term thing but our politicians in this country, they are myopic. They are looking out for the next election. That is what it is” Senyo Hosi lamented on JoyNews’ news analysis show Newsfile.



He added that in a situation where government doesn’t control all factors that influence fuel pricing in the country, it must at all times ensure that the conditions are right and the right things are done to check the price hikes.

His comments come on the back of recent fuel price hikes that has caught the attention of many and lead to disaffection against the government.

Energy Minister, John Peter Amewu addressed a press conference in the wake of the price increases assuring citizens of government’s commitment to putting their interest in the fore in all they do.

He added that, in that regard, government has to be commended instead of being bashed for the recent hikes because things could have been worse but for the prudent measures and management of the economy.

“Without government’s intervention, prices today would have been ¢5.54 per litre for petrol and ¢5.55 for diesel. So what it means that the price we are paying today, if the Mahama-led administration was still in power, you would have been paying quite close to between nine and 10 percent higher than the current prices that Ghanaians are paying,” he stressed.