Appoint indpt regulator for oil sector – CBOD

The Ghana Chamber of Bulk Oil Distributors (CBOD-Ghana) has backed calls by industry players in the petroleum sector on the need for government to appoint an independent body to regulate the petroleum industry.

According to them, the failure of government to assign a regulator to streamline the activities of the sector has contributed to institutional failures in the industry.

Already, some players in the petroleum downstream sector are accusing government of subsidising oil products for GOIL.

However, in an interview with Class Business, Chief Executive Officer (CEO) of the Chamber, Senyo Hosi, wants the regulator to be backed by law in order to promote transparency in the sector.

“We need an open and transparent process where competence and meritocracy really becomes the key in trying to appoint regulators. But for that we are going to have weak institutions… [The appointment of the regulator must be] backed by law… Absence of security of tenure for regulators has some impact on industry,” he stated.

He was of the view that a regulator backed by law would have security of tenure and work without fear or favour.

“You have a regulator, he starts taking decisions that do not really make the industry prudent and you realise there is something wrong with this decision and when you go they will tell you this is from above. These are real businesses that are supposed to create employment and are supposed to try and drive the economy, so we need some kind of stability,” he added.