Former Finance Minister and Ranking Member of Parliament’s Finance Committee, Dr. Mohammed Amin Adam, has called on the government to review taxes and levies on petroleum products, arguing that the current relief measures have failed to significantly ease the burden on consumers.
In a Facebook post on Sunday, September 27, Dr Amin Adam said diesel prices remained between GH¢17.55 and GH¢18.99 per litre despite the government’s GH¢2-per-litre intervention.
He maintained that the relief had been undermined by other fuel-related taxes and levies introduced by the government, particularly the GH¢1-per-litre levy, which has effectively reduced the impact of the intervention.
“Even with this temporary relief, half of the amount has already been neutralized by the GH¢1 per liter levy imposed by the government on fuel,” he stated.
The former Finance Minister also pointed to recent increases in levies on fuel oil, warning that the additional costs were placing further financial pressure on industries and power producers.
He further identified the depreciation of the cedi as another factor contributing to persistently high fuel prices, noting that the local currency had lost 12% of its value against major trading currencies since the beginning of the year.
According to him, the depreciation directly affects the cost of petroleum products on the domestic market, as Ghana relies on imports and remains vulnerable to fluctuations in international oil prices and exchange rates.
Dr. Amin Adam argued that the government’s temporary intervention was insufficient to address the underlying challenges and called for a more comprehensive approach to reducing fuel prices.
“What we need now is a comprehensive intervention by the government. The temporary relief is not enough,” Dr. Amin Adam said.
He urged the government to undertake a comprehensive review of petroleum taxes, particularly the recent increases in fuel-related levies, and consider suspending or abolishing them to provide additional relief to consumers.
Dr. Amin Adam also cited similar tax relief measures implemented by the previous NPP administration, suggesting that the government could adopt comparable measures to ease the financial burden on households and businesses.
