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Alex Mould skeptical about government’s search for cheaper fuel

A Former Chief Executive of the Ghana National Petroleum Corporation (GNPC), Alex Mould, has expressed skepticism about President Nana Addo Dankwa Akufo-Addo’s claims to find cheaper and reliable fuel for domestic consumption.

The President last week Sunday in his Nation Address assured that “government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market. It is expected that this arrangement when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all.”

The government’s delegation is currently in the United Arab Emirates to negotiate with some oil producers in the United Arab Emirates to secure petroleum products for the country.

But the former GNPC boss speaking on Citi TV’s The Big Show, said ADNOC can only give the government of Ghana a fuel discount if the arrangement is secured on a grant basis.

He said it will be only a miracle for the government’s entourage to pull this arrangement off, adding that he will be elated if the arrangement turns out successful.

“I don’t know if the government is managing the expectations of people properly, in this area when they say affordable and cheap, I don’t know what they mean, they are talking about getting something cheaper than a $1,300 to $1,400 metric pound for diesel, the question is who will give Ghana such a discount and why would they give Ghana such a discount. I don’t see how, ADNOC, Abu Dahbi national oil company will give Ghana a discount, unless it’s a government-government grant, why would Abu Dhabi give Ghana this discount?”

“Everybody that I have spoken to in this market, said they don’t believe it can be pulled off. So I will be surprised and happy for Ghana and especially for (President) Nana Akufo-Addo if his entourage will be able to pull this off, but l will put a very low probability, close to zero on it,” Mr. Alex Mould stated.

ADNOC is the world’s 12th largest oil company by production. As of 2021, the company has an oil production capacity exceeding 4 million b/d with plans to increase to 5 million BPD by 2030.

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