President John Dramani Mahama has assured Ghanaians that the newly handed Vitality Sector (Modification) Invoice, 2025, won’t result in rapid will increase in gasoline costs on the pump.
In response to him, the potential influence has been offset by the latest strengthening of the Ghanaian cedi and the final macroeconomic stability.
He gave this assurance on Wednesday, 4th June, whereas addressing members of the Nationwide Financial Dialogue Planning Committee on the Jubilee Home, following the presentation of their remaining report.
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In his remarks, President Mahama emphasised the pressing want to lift income to handle the present challenges going through the nation’s debt-laden energy sector and to keep away from a possible collapse. He said:
Our power sector carries a debt burden of over US$3.1 billion, with an estimated US$1.8 billion extra required to finance gasoline procurement for uninterrupted thermal energy technology within the coming months.
He added:
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Dumsor nonetheless with us…?
If left unaddressed, this case poses a big menace to nationwide productiveness and industrial development. Whereas we’ve devised a technique to liquidate this debt and stem the bleeding within the energy sector, we should reap the benefits of the latest appreciation of our forex to speed up an answer to our power sector challenges.
President Mahama additional reiterated that the brand new levy wouldn’t have an effect on gasoline costs on the pump:
With the latest beneficial properties in macroeconomic stability and the strengthening of the Ghanaian cedi, this levy just isn’t anticipated to lead to any rapid gasoline worth will increase on the pump. We’re absolutely conscious of the burden this might place on households and companies, however I wish to guarantee Ghanaians that this determination was not taken flippantly.
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He additionally revealed that the projected extra income of GH¢5.7 billion will probably be strictly ring-fenced to pay down legacy power sector money owed, finance ongoing gasoline purchases, and avert the danger of recurring energy shortages.
President Mahama famous that proceeds from the levy won’t be subjected to the dangers related to the Consolidated Fund. He emphasised that the funds will probably be usually audited, with audit experiences made public to make sure transparency and accountability.
In the meantime, the choice has sparked mixed reactions on social media. Whereas some Ghanaians view it as a vital measure to stabilise the power sector, others have condemned it as an unjust burden prone to be handed on to commuters and most people.
