A former Deputy Finance Minister and Member of Parliament for Cape Coast South, Kweku Ricketts-Hagan has accused the Akufo-Addo’s government of putting itself to big shame with the yet-to-be implemented 15 pesewas reduction in fuel prices.
The MP says not only is the reduction inconsequential, but also makes a mockery of the plight of the already suffering Ghanaian.
He chastised government for still being insensitive and making decisions that do not inure to the benefit of ordinary citizens in any way.
“There is obviously an external shock, but it is because our economy was not fundamentally strong. You can’t say the impact of the COVID-19 pandemic or the Russia-Ukraine war was equal on all countries. So they [government] had to look at how to solve the problem and bring some relief to the people. So if you suggest what I felt was a disgraceful figure of 0.15p [reduction in fuel products] ….it’s absolutely disgraceful, and it doesn’t do anything”. the MP stressed in an interview.
Prices of petroleum products have skyrocketed within the last few days.
Diesel is currently selling between GH¢10 and GH¢11 per litre, while the price of petrol has crossed the GH¢9 mark at some fuel stations.
The price of the product will however go down by 15 pesewas per litre effective April 1, 2022.
This, according to Finance Minister, Ken Ofori-Atta, will be in place for three months.
But Kweku Ricketts-Hagan believes, this is much ado about nothing, examining the existing economic difficulties.
“If fuel is sold at GHS 10 per litre and you offer me 0.15p [reduction], that is GHS 9.85p. It doesn’t make any difference to the relief that we are trying to bring to people. Even where the cut came from is marginal, this is something that doesn’t actually hit government”, he lamented.
The rising fuel prices have led to an upsurge in general prices. A recent report released by the Ghana Statistical Service noted that petroleum and food prices are the major driving forces of inflation in Ghana in recent times.
“To mitigate the rising price of petroleum products at the pumps, for the next three months, the government has decided to reduce margins in the petroleum price build-up by a total of 15 pesewas per litre with effect from 1st of April,” Ofori-Atta said.
“BOST margin reduced by 2 pesewas per litre, unified petroleum pricing fund margin reduced by 9 pesewas per litre, fuel markin margin reduced by 1 pesewa per litre, primary distribution margin reduced by 3 pesewas per litre. These are expected to reduce the price of petrol by 1.6 percent and diesel by 1.4 percent. We anticipate the measures taken to stabilise the currency will help further stabilise the prices at the pumps,” the Finance Minister stated.
