According to Kojo Oppong Nkrumah, the Information Minister, the government has lessened the impact of repeated fuel price spikes on Ghanaians by not imposing additional levies on petroleum items in the 2022 Budget Statement.
On Wednesday (17 November), when presenting the 2022 Budget Statement and Economic Policy to Parliament, Finance Minister Ken Ofori-Atta acknowledged that, while fuel prices have risen at various service stations across the country in recent weeks, the government has no intention of raising fuel prices. This is largely due to the upward volatility of world market indexes over the period.
Following the presentation, Nkrumah told the media that the government did not impose new levies on petroleum items because it is concerned about Ghanaians’ predicament.
“The President was particularly concerned about the impact on transportation costs, food prices, and inflation at a time when the government wishes to lessen the burden on Ghanaians,” he explained.
The government, according to Nkrumah, recognizes the hardships Ghanaians have had as a result of the coronavirus pandemic’s ravages and would not burden Ghanaians with future increases in fuel prices.
The price of oil on the worldwide market has risen to almost US$80 per barrel, after starting the year at just over US$50. With the reopening of economies throughout the world due to the efficacy of COVID-19 vaccinations, demand for fuel has risen sharply in reaction to the rise in crude oil prices on the global market.
Meanwhile, the government has abolished the amount of money paid by vehicles as tolls on the country’s public roadways.