Ghana’s President Nana Akufo-Addo says his administration is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market to stem the incessant increases in fuel prices at the pump.
The President said he was convinced this step in addition to a stable currency will halt the rising fuel prices in the West African nation caused by the high cost of crude oil on the world market and Cedis depreciation and bring relief to Ghanaians.
The continuous depreciation of Ghana’s currency, Cedis coupled with rising cost of fuel has made the cost of living very unbearable to people especially low income earners as transport fares and prices of food and essential commodities have all gone up.
Currently, a litre of petrol is about Gh¢17.54 while diesel is sold at Gh¢19.94 per litre.
Addressing the nation on Sunday, 30th October,2022, on measures being taken to tackle the economic crisis facing the country, President Akufo-Addo acknowledged the difficulties Ghanaians are going through.
The President said he was aware of the economic challenges occasioned by the rising cost of petroleum products.
“I know that the increasing cost of living is the number one concern for all of us. It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses,” he said.
Source: https://energynewsafrica.com