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The Executive Director of the Africa Sustainable Energy Centre (ASEC), Justice Ohene Akoto, has urged the government to remove selected fuel taxes and levies to reduce the burden of rising petroleum prices on consumers.
Speaking on the Asaase Breakfast Show on Wednesday (15 July), Akoto said although global oil prices continue to influence pump prices, government still has room to ease the impact on households and businesses.
“The government still has a lot of room to buffer Ghanaians,” he said.
He specifically called for a review of the one-cedi fuel levy and other taxes imposed on petroleum products.
“We’ve been talking about the one cedi levy. That review is long overdue.”
Akoto argued that removing some levies would lower transport costs, moderate inflation and reduce prices of goods and services across the economy.
“If transport prices come down, goods and services generally will also become cheaper.”
Oil producer should benefit
The energy expert questioned why Ghana, despite being an oil-producing nation with refining capacity, has not translated that advantage into cheaper fuel.
“We are an oil-producing country. We’ve started refining. Under no circumstance should we not enjoy cheaper fuel prices.”
Drawing comparisons with Panama, he said sound governance alongside natural resource advantages could help Ghana achieve lower energy costs.
He maintained that reducing fuel prices would improve the purchasing power of households because salaries would stretch further as transport and commodity prices decline.
“Our salaries may remain the same, but if fuel prices and the prices of goods and services reduce, Ghana becomes a better place to live.”
Akoto nevertheless maintained that the fuel price floor itself has succeeded in bringing stability to the petroleum market by preventing daily fluctuations in pump prices.
“It gives consumers peace of mind because within the two-week pricing window, they know prices will remain stable,” he said.
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