Nana Akufo-Addo, the President of the Republic of Ghana has stated that Government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market.
He said it is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all.
Addressing the Nation on Sunday,30th October 2022, Nana Akufo-Addo said “I hear from the market queens also that another factor fueling the high prices is the high margins that some traders are slapping on goods, for fear of future higher costs. I say to our traders, we are all in this together. Please let us be measured in the margins we seek. I have great respect and admiration for the ingenuity and hard work of our traders, especially those that take on the distribution of foodstuffs around the country, and I would hesitate to join in calling them names. I do make a heartfelt appeal that we all keep an eye out for the greater good, and not try to make the utmost profits out of the current difficulties.”
He said “I know that the increasing cost of living is the number one concern for all of us. It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses. I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of capital of traders and painfully accumulated savings.”
The president said “We are determined to secure these arrangements quickly to bring back confidence and relief to Ghanaians. We are working towards reaching a deal with the IMF by the end of the year. This will give further credence to the measures Government is taking to stabilize and grow the economy, as well as shore up our currency.”
Source: Mybrytfmonline/ Kofi Atakora
