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Ghana Fuel Shortage Looms as Central Bank Rations Dollars

  • Monthly fuel import costs at $450 million: people familiar say
  • Central bank reluctant to spend scarce dollars on fuel imports

Ghana faces a looming fuel shortage as the central bank rations dollars after oil prices surged following Russia’s invasion of Ukraine.

The monthly fuel import bill for the West African nation jumped to $450 million in May, from $250 million in January, according to two people with knowledge of the matter. The central bank is only offering about $100 million a month at its foreign exchange auctions, and licensed bulk distributors can no longer plug the shortfall in the black market, the people said, asking not to be identified as the matter isn’t public.