Strategic mechanism needed to absolve Ghana from external forces on crude oil prices – Dr Sulemana

• Dr Sulemana said there is a need for a proper module to be adopted to tackle the hikes in the price of crude oil on the market

• He said Africa needs to work together to address the issue of the continent not having a say in the price of crude oil

• He also noted that the changes in the price could attributed to the global oil price figures which the country does not have control over

Dr Yussif Sulemana, a Ghanaian born-Oman based petrochemical engineer has stated that the country needs to adopt a mechanism that could help it stand strong against the external forces on crude oil from the world market.

He said the country needs to focus on working on a proper measure to be able to withstand any price change on the world market.

Speaking in a Zoom interview with GhanaWeb’s Amos EkowCoffie, Dr Sulemana said, the implications of the decision taken by the world market giants affect Africa as a whole and there is a need for a module to be adopted.

“The implication is clear especially in our part of the world we operate a very unique module where we import al that we consume as in hydrocarbon products and then we export al that we produce and that is unfortunate and that has put us in a very dicey situation. If you are a country that doesn’t have a strategic advantage, in both upstream and downstream, you bound to hit hard if these dynamics don’t go into your favour,” he said.

He said the cause of the changes in the price can be attributed to the global oil price figures which the country does not have control over.

“One of the components that are accountable for an increase in the price build-up is the global oil prices and we don’t have control over that, as well as the taxes. So as long as we don’t have control over that and it takes upward trends, we going to have prices at the pump going up,” he added.

Watch the full interview below