- He argued that dependence on the dollar puts undue pressure on African currencies and raises fuel costs
Ghana has called for a harmonised currency among ECOWAS members to ease fuel transactions and reduce reliance on the US dollar.
Mustapha Abdul-Hamid, Chairman of Ghana’s National Petroleum Authority, made the appeal at the OTL Africa Downstream Energy Week in Lagos.
He argued that dependence on the dollar puts undue pressure on African currencies and raises fuel costs, suggesting that Ghana and Nigeria using dollars for trade between them “does not make sense.” Abdul-Hamid also stressed the need for regional collaboration, pointing to the African Continental Free Trade Agreement (AfCFTA) as a framework for improved trade within Africa.
Ghana requires $400 million monthly for fuel imports, and Abdul-Hamid warned that Nigeria’s reliance on the dollar for fuel could further strain its currency. He urged regional governments to harmonise infrastructure and policies to support trade, adding that Ghana would prefer importing fuel from Nigeria’s Dangote refinery over sourcing from Europe.
Ghana has also taken steps to curb fuel smuggling from Nigeria and called for increased security measures to address the issue.
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