Member of Parliament for Yapei Kusawgu and former Deputy Energy Minister, John Jinapor, have expressed concern about the permission granted to Chinese entities to import 300 tankers.
His comments came after energy expert Kwame Jantuah issued a warning that the increasing presence of Chinese tanker drivers in Ghana’s petroleum sector could lead to capital flight and weaken the local currency, the Cedi.
Jantuah explained that the Chinese might convert their earnings from Cedi to dollars and repatriate them, thereby exerting pressure on the local currency and exacerbating its challenges.
While acknowledging the importance of foreign investors for the local economy, John Jinapor emphasised the need to safeguard the interests of local players and ensure their prominent participation in the petroleum sector.
According to local tanker drivers, approximately 300 tanker trucks have already been imported into the country.
Speaking on the Sunrise show on 3FM with Johnnie Hughes on Wednesday, September 27, Mr. Jantuah, who is also a private legal practitioner, remarked, “One thing we should be mindful of is that the Chinese are always strategic in what they do.”
“They have a refinery; they have the raw materials; they now have tankers; the next thing you see is that they have petroleum garages.”
He added, “The most serious aspect is the capital flight issue. We need dollars in this country; the Cedis that they [Chinese] will earn from refining petroleum products, will have to change into Dollars, they are taking dollars out of the system which affects our Cedi, and we cannot allow that to happen.
“The money that they make goes into their banks, not our banks; we have to ensure that the money stays in our banks for development.”
“Investment is good but if that investment is going to spoil Ghanaian businesses, we don’t need it,” he stressed.
John Jinapor, a former deputy energy minister and member of parliament for Yapei Kusawgu, commented on the same programme and questioned why the Chinese were allowed to import 300 tankers.
Although he said that international companies should be allowed into the nation, he also said that they couldn’t compete with domestic companies.
“Why will a Chinese company bring 300 tankers into this country?” he asked.
He added, “Inasmuch as you want to do business in Ghana, don’t kill our local businesses.”
He further assured that the Mines and Energy Committee of Parliament will further project the concerns of the local tanker drivers and ensure that their interests are protected.
Deputy Minister of Energy, who is also a lawmaker for Sekondi, Andrew Egyaper Mercer, assured that efforts were underway to protect Ghanaians in the petroleum sector.
“We are not losing sight of the need to protect Ghanaian investors and also the need for foreign investors,” he said.
He added, “We will ensure that they [Chinese] do not operate to the disadvantage of locals.”
The National Petroleum Authority (NPA) has already written to Sentuo Refinery Limited, the Chinese company that is reported to have imported the tankers into the country, expressing concern about this action.