Business News of 2014-06-25

Severe fuel shortage hits parts of Accra

Joy News' checks reveal severe petrol shortage in some parts of Accra on Wednesday.

Several fuel stations have run dry as attendants turn away motorists.

Some fuel stations loacted in Adabraka, Ridge, Osu, Kokomlemle and along the Ring Road have attendants waving a sign that said 'No Petrol', reports say.

The shortage comes in the wake of threats by the bulk oil distributors of an imminent fuel shortage that will rock the country.

The Chief Executive Officer of the Chamber of Bulk Oil Distribution Companies (BDC), Senyo Hosi, had said there was stock of fuel in Ghana but it was on hold until government settles a GH?1.5 billion it owes the chamber .

”There is stock available on the market, on the shores of Ghana; but it is just that it is on a financial hold. You pay you get financial access to it from the international suppliers,” he told an Accra-based radio station.

Mr. Hosi noted that the BDCs cannot buy because the banks are not ready to make credits available because they [BDCs] are” heavily indebted” to them.

He also revealed information he has shown that Ghana has just about three days worth of stock.

He stated the situation can be resolved when the debts are paid them to allow the BDCs pay the international suppliers.