By Edzorna Francis Mensah
The MP for Yapei Kusawgu Constituency in the Savanna Region and Ranking Member on the Mines and Energy Committee in Parliament has called on President Akufo-Addo to immediately dissolve the Economic Management Team, accusing the Vice President of not properly managing the economy.
John Abdulai Jinapor at a Media Engagement in Parliament described as worrying recent hikes in petroleum prices stating that in less than 3 months petroleum prices have increased by almost 70 % at the pumps
“In fact, if you take 33 African Countries, Ghana has the highest price when it comes to petroleum products at the pumps”.
He said the situation is so bad that countries that are not oil-producing countries are even doing better than Ghana.
“Indeed, transport fares have increased by 15%, inflation today is at the rate of 15 % in Greater Accra, it is about 9 %. This morning the exchange rate, the dollar to cedis, is trading at GHc8.5, not doing quite well in terms of performance with other major currencies.
In a related development, the former Minister of Power under For President John Dramani Mahama and MP for Pru East, Dr. Kwabena Donkor said, Special Petroleum Tax, 46p, Sanitation and Pollution Levy, 10p and other taxes and levies in order to cushion Ghanaians in this trying moment of seemingly hard economic hardship.
According to him, The State can do very little about the external factors when it comes to petroleum pricing at the global stage, “Historically, during winter in Europe, price of petroleum products what is called white products, the refined products go high and of course post-COVID-19 recovery of a number of economics is been impacted, the price in the world Market, the government of Ghana has a little, except that Ghana is net producer”.
He, therefore, noted that “we’re benefiting from the high price because the Government used US$62 per barrel as projected revenue in the 2022 Budget, but, today, we’re averaging over US$100 per barrel and therefore, the Ghanaian State is also benefiting from the high prices, but the issue really is with the taxes and levies, for example, Special Petroleum Tax”.
Dr. Donkor listed the following taxes and levies that he claimed are contributing to the current high price of petroleum products at the pump, “The taxes and levies include Energy Debt Recovery Levy, 49p; Road Fund Levy, 48p, Energy Fund Levy, 1p, Price Stabilization and Recovery Levy 14p; Sanitation and Pollution Levy, 10p; Energy Sector Recovery Levy, 20p; Special Petroleum Tax, 46p, and Primary Distribution Margin, 11p, Margin BOST, 9p, Fuel Marking Margin, 5, Marketer Margin, 46.14p and Dealer Margin of 30.78p”.
