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The Ghana National Petroleum Authority, NPA 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.
The Chief Executive Officer of NPA, Abdul Hamid, disclosed this during a presentation at the ongoing Africa Refiners and Distributers week 2023, in Cape Town, South Africa.
Hamid revealed that the government was no longer able to sustain subsidy, hence, its removal.
Hamid said, “we (the Ghanian government) 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 explained that 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.”
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.
Estimated reading time: 1 minute(s)
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