The government of Ghana is planning to review the current prices of fuel to avoid further foreign exchange losses and supports to help reduce the overall economic debt.
Seth Terkper, the Finance Minister reveals this during the presentation of the mid-year budget for review in front of the parliamentarians on Wednesday.
These long queues that are being seen in front of the filling stations not only caused a lot of discomfort to Ghanaians but has affected the business activities, said Terkper.
He added, the government is looking forward to find a solution to this situation, we are hopeful to provide public and urban transportation for the vulnerable in society until there will be a reduction in the fuel prices. Almost 450 buses will soon be running on the roads to make life easy for the Ghanaians.
Organized Labor said in a statement, “what is the economic and social justification for an increase in the fuel prices and why the National Petroleum Authority (NPA) and government continue to create problems for the Ghanaians.”
Ghana’s GDP has grown to 6.7 percent in the first quarter of 2014, which means it is still down by 9.0 percent in this period in 2013.
Mr. Terkper said, “the Agriculture sector has an increase of 12.7 percent compared to an increase of 6.7 percent in the similar quarter in 2013 and it’s followed by Services Sector has a growth of 4.6 percent compared to this time last year which recorded 10.4 percent. Industry sector has only increased by 1.1 percent compared to last year when the growth rate was 8.1 percent in this period last year in 2013.
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