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Ghana Cuts Fuel Subsidies, Fuel Now 184 Naira Per Litre

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Ghana has cut fuel subsidies and the price of petrol has now become GNp 175.48 per litre which is equivalent to 184 Naira per litre.
According to the head of Ghana’s National Petroleum Authority (NPA) the fuel subsidies were cut following an increase in crude oil prices and the depreciation of the Ghanian currency.
According to Reuters, Ghana, has come under increased pressure from the International Monetary Fund to remove the fuel subsidies.

The IMF has urged countries across West and Central Africa to cut fuel subsidies, which they say are not effective in directly aiding the poor, but do promote corruption and smuggling.

The past months have seen governments in Nigeria, Guinea, Cameroon and Chad moving to cut state subsidies on fuel.

Alex Mould said the cumulative effect of the rise in crude oil prices this year and the about 5.7 percent depreciation of the cedi meant a 25 percent increase in cedi terms in the cost of procuring crude oil and petroleum products since January.
Ghana’s Minister for Finance Kwabena Duffour said the removal of subsidies would have a positive impact on Ghana’s economy.

“Subsidising fuel is not sustainable,” Duffour told Reuters. “It is the right thing to do so we can sustain our fiscal consolidation.”
What do you think, is this good or bad for Ghana?

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15 Comments

15 Comments

  1. Annie

    December 31, 2011 at 7:42 am

    So d removal of subsidy is not d African idea but IMF idea 4 their selfish interest

  2. jayson.j

    December 31, 2011 at 5:28 pm

    dats a wonderful step they have taken and i believe we wil folow suit. May God help our beloved nation Nigeria

  3. screed black

    January 2, 2012 at 3:23 am

    if Ghana subsidies fuel, i want to believe it’s for their own interest, not when a country like Nigeria an oil producing country that has all the mineral resources. Our refineries are like grave yards all because a selected few has come together to judge the faith of our oil industry. This is sad, holocaust in a different pattern. What would the poor people do?

  4. Tommy

    January 3, 2012 at 7:21 am

    Infact, it is a sad news 4 nigeria to be controling by lMF instead of gov to see to what the side effect will have on masses,but no, its IMF dictating 4 us and our resourses.pls mr president nigerian are not is support of fuel subsidy.

  5. screed black

    January 3, 2012 at 7:43 am

    Lest we forget, Nigeria is slightly over 8 times bigger than Ghana in population and the government decides to increase the price of premium motor spirit (petrol) by over a 100%. The ripple effect this would have on transport, food stuff and many other things that affects the common Nigerian who earns N18,000 minimum wage about $110 monthly will be devastating. As it is this increase will breach the state of security for every Nigerian, be you rich, average or poor, because those who get food to eat will have to steal from those who have surplus or little. This is not a good sign for our puppet president and our beloved country Nigeria. Let’s kick against this subsidy and the influence of imf in our country.

  6. elfemo

    January 5, 2012 at 3:51 pm

    Even if Nigerians kick out Jonathan and put someonelse there, this subsidy removal is inevitable. Our economy is completely grounded. for God’s sake we are borrowing money to pay salaries and import fuel. It is a bitter pill to swallow but Nigerians are not paying for Government inefficiency, we are paying for our docility over the years. we just allow anything to rule us and just sit saying ‘ah life no get duplicate. when my time reach i go chop my own’

  7. Ade

    January 5, 2012 at 4:38 pm

    Why our leader thing is way.how can a forigne body discide for us on what to do,imf telling(w.African’s)what to do gahana,nigeria,cameroon,chag & other wackup,build new refeanary,creat more job.instand of taking out our fuel to some impedat all they want is violet allover w.africans so that they can peneatrat in to w.africans.has they in N.africans look very well & thing our slution is not subsidy.

  8. screed black

    January 5, 2012 at 4:48 pm

    Oga Elfemo, subsidy would have made sense if our presedent and his cohots were transparent or if they have put the things they want to do in motion. There is no trust from the people to the government. If the president can allocate 200million for landscaping I.e more or less to water plant and 294 million to order bullet proof mercedes benz and 1billion for food. Let’s be realistic, why are they collecting huge salaries and we the citizens will pay for their expensive life style. Let’s wake up!

  9. elfemo

    January 6, 2012 at 11:45 am

    Screed I distrust the Govt more than you do. I have always been wary of corruption in high places and how greed to the educated and most principledpeople into fools. See the latest, the govt has purchased buses for us to ride so as to cushion the effects of subsidy, buses that they themselves know wont last 3 months. its just another avenue for stealing.
    so whats my point, anything that affects our wealth creation potentials must be taken of their hands so that we can grow than entrusting the energy sector to these thieves.
    they should not just remove subsidy, they should hand over ownership and management of NEPA and NNPC to the public though privatisation.Telecommunications so far has shown that we don’t have to buy cable or keep a nitel staff in our payroll communicate.
    believe me if nepa is free from thier hands, the demand for petrol will crash and those who want to sell at high prices can drink their fuel.
    all they will have left to embezzle will be the tax. but at least until we wake up from our docility, this govt and the one after it plus or minus subsidy forget ti

  10. Seyi

    January 9, 2012 at 4:30 pm

    I wonder wonder what is wrong with our African leaders. Nigeria, Ghana or anywhere. Fuel subsidy was their idea. It was because of their irresponsible act of not providing and maintaining the existing infrastructures, even in the oil sector, that they had to introduce the subsidy. It was convenient for them then because they are the beneficiaries. Now they want the masses to pay for it,to pay for their irresponsibilities. So what is government providing if the people will have to pay for everything? If they are not ashamed or scared by power of the people, they should be scared of God because God will surely punish them

  11. screed black

    January 9, 2012 at 4:36 pm

    They call it ‘paliatives’ they are giving us our rights back as paliatives. Hmmmm… Interesting!

  12. abass

    January 10, 2012 at 2:12 pm

    it should’nt be nigeria govt have done dis

  13. Enoch Gentle

    January 10, 2012 at 2:41 pm

    It will be very difficult for the nigerian govt to gain our trust. They have not done enough to convince us. The pms subsidy is the is the only benefit the masses get in our oil rich nation. BY the way, why must we refine crude oil offshore. Why are they not zealously puting effort to make our refinaries work. Does it mean that without the money from subsidy removal nothing will work in Nigeria? Why didn’t they arrest the so called CABALS lutting the country and make then refund our money. Why are the inflating pains on Nigerians that are managing to survive, as the govt has done almost nothing for us. Why have they not deregulated The power sector, since they cannot give us light? Wherewith they are so eager to the deregulate the downstream. Even if by good they deliver their promises, these are projects that will take years, so many people will die of starvation and poor living conditions before then. Govt should therefore do the right thing first to win our trust before taking these kinds of steps, not following the IMF that knows little or nothing about us. Fight on nigerians and may god help the helpless.

  14. screed black

    January 10, 2012 at 2:53 pm

    Please, I need a total lecture on this IMF and West African countries on removing subsidy. From my little knowledge Nigeria is the only country in west Africa that’s a member in OPEC, and the cost of fuel in OPEC member countries non is as high as Nigeria’s at the moment. Now that subsidy is being threatened to be removed whats the benefit of NIgeria being an OPEC member?

  15. sunmola Israel

    January 13, 2012 at 12:54 pm

    I am not disputing the fast that the government in past has not deliver on their promises but let’s give this our president a chance because will all voter him in and he was not been impose on us by the so called cabal. That is why I believe he can fight this cabal but will have to let him do it the way he feel he can tackle it because he is at the no 1 sit of the nation and he see it all. Pls co-operate with him. Thanks.GOD Bless Nigeria.

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