Ghana Announces Removal Of Fuel Subsidy

• Ghana’s government has announced the removal of fuel subsidy.

• The removal is one of the regulatory measures implemented by the country to ensure stability in its downstream sector.

• According to Abdul Hamid, the plans were implemented in response to the global oil and gas market volatility caused by the Russian-Ukraine war.

EKO HOT BLOG reports that the Ghana National Petroleum Authority has announced the removal of fuel subsidy in the country.

The removal of the subsidy is part of the country’s implemented regulatory measures to ensure stability across its downstream sector.

EDITOR’S PICKS  

• Gbajabiamila Clears Air On Allegations Of Lobbying For Tinubu’s Chief Of Staff

• BRT Bus-Train Collision: NRC Gives Details On Tragic Incident

• [JUST IN] Electoral Violence: INEC Strikes Doguwa’s Name Off Reps-elect List

The Chief Executive Officer of NPA, Abdul Hamid, said this during a presentation at the ongoing Africa Refiners and Distributers week 2023, in Cape Town, South Africa.
Hamid said the Ghanaian government, through the NPA, has also removed energy subsidies.

“We have removed subsidies and deregulated our markets. Industries were shutting down because the government was finding it hard to find the money to provide subsidies and to this day industry is being powered by investments in the private sector and there are no complaints of supply.

“We are ensuring affordability and security for the vulnerable consumers through the removal of energy subsidies,” he said while speaking on more reforms implemented in the NPA.

He disclosed the plans were implemented in response to the global oil and gas market volatility caused by the Russian-Ukraine war and energy transition-related policies.

“For the first time in 30 years, we have installed fuel caps as a measure to intervene and to control market instability,” he disclosed.

FURTHER READING  

• JUST IN: APC Leader, Several Others Escape Assassination In Zamfara [PHOTOS]

• JUST IN: Scores Injured As BRT Bus Collides With Train In Lagos [VIDEO]

• Soludo Refutes Allegations Of Planning To Assassinate Obi After Elections

Hamid added that the NPA has also created a special fund to assist refineries in boosting their capacity to 50 barrels of oil in order to meet the country’s growing demand.

Click to watch our video of the week:

---

Advertise or Publish a Story on EkoHot Blog:

Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.

Citizen journalists will receive a token as data incentive.

Call or Whatsapp: 0803 561 7233, 0703 414 5611