‘Energy industry key to post-pandemic recovery’
Puma Energy’s Head of Africa, Fadi Mitri, says the energy industry will be at the heart of the post-pandemic recovery, as it will provide industries with the power required to grow and expand.
He said the industry was however faced with challenges of security, accessibility and environmental sustainability which requires a mix of strategies, with all stakeholders involved.
Speaking to the Daily Graphic in an interview, he said fuel and energy markets around the world have been highly volatile since Russia’s invasion of Ukraine in February 2022 but Ghana’s robust fuel distribution network, had left it in a better position than many comparable countries.
He said the only threat to Ghana’s energy security was the lack of enough dollars to import fuel into the country and the instability of the local currency.
The downstream petroleum industry in Ghana is deregulated but the current global fuel price volatility is disproportionately impacting energy imports in African countries.
Specifically, it is impacting inflation, reducing foreign exchange reserves, and limiting the ability to secure fuel on the global markets.
Alongside a robust storage and distribution system these are also issues the government and regulators in Ghana are trying to proactively manage.
Mr Mitri said Puma Energy would continue to make investments in Ghana’s energy infrastructure due to the stable regulatory environment.
“In line with our strategy we have invested in our fuel storage and distribution network to promote energy security for road and air transport and we have invested in our service stations to improve customer experience.
“We have also invested in 14 solar energy projects to help prepare Ghana for the future of energy.
This investment, and the benefit it brings, is only possible, thanks to Ghana’s stable, predictable regulatory regime, where innovation and investment is encouraged,” he stated.
He said the company’s commitment to the provision of energy security in Ghana had been reinforced by its investment in upgrading its strategic product storage capacity and distribution infrastructure that is able to reach all parts of the country via its four storage sites across Accra, Tema Ridge, Takoradi and Kumasi.