Business Opinion

Skyrocketing Oil prices: the alternative – Dr. Hassan Ayariga Writes

Can the Ghanaian cope with the high prices of fuel increments in recent times? We cannot rely on foreign nations for our fuel when we are a fuel producing country.

I believe we can decide to take crude oil as our returns from the oil exploration and process it at a competitive price and sell it to Ghanaians instead of importing the final processed oil from abroad every time.

Ghanaian leaders over time have only believe in short term results rather than long term solutions to our problems.

Challenging as it may be, it takes a patriotic nation to explore options that best serve the interest of their citizens.

We need all well meaning Ghanaians to build non-partisan consensus on how to navigate alternative ways of making life more comfortable for our people.

A key principle of accounting states that “make or buy options of scarce resources allocation between two competing objects” and its socio-economic benefits.

Why are we pretending we do not know how to make life better for Ghanaians?

May the Good Lord grant all of us insight to build our own infrastructure and produce our goods and services from scratch.  Because, if you refuse to cook for your family, then you will always buy expensive food from outside for them. Exactly what is happening to us as Ghanaians?

It is within our power to take responsibility, but we have refused to utilize our oil refinery (Tema Oil Refinery, TOR) or even expand it to refine our crude oil to the benefits of our nationals.

Now more than ever, Ghana needs all hands on deck approach to salvage unbearable fuel price hikes, due to rising world oil prices, compounded by the ongoing Russia-Ukraine conflict.

Dr. Hassan Ayariga

Leader of All People’s Congress (APC)

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