Former Ghana finance minister calls for review of fuel taxes — MyJoyOnline

According to MyJoyOnline, in Ghana, former Finance Minister and member of Parliament’s Finance Committee Mohammed Amin Adam called on the government to conduct a broader review of taxes and levies on petroleum products. He said that temporary relief for diesel consumers had not produced a sufficient effect.

Diesel prices

In a Facebook post on September 27, Adam noted that diesel is still sold in the country at between 17.55 and 18.99 Ghanaian cedis per liter, despite the government’s introduction of temporary relief of 2 cedis. According to him, part of the effect of this measure was offset by a 1-cedi levy per liter of fuel introduced by the government.

The politician also referred to the recent increase in levies on fuel oil. In his view, this increased costs for industrial enterprises and electricity producers.

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Impact of the cedi exchange rate

Adam also linked pressure on retail prices to the depreciation of the Ghanaian cedi, which, he claimed, has lost 12% of its value since the beginning of the year. He explained that Ghana purchases petroleum products on the international market, so the domestic price depends on both global prices and the exchange rate.

The former minister called on the authorities to review, first of all, the recently increased fuel-related taxes and to consider suspending or abolishing them. He referred to similar tax measures taken by the previous NPP administration.