20.07.2006 General News

It is not economically wise to subsidize fuel now! - Dr. Kwabena Darko

By Erastus Asare-Donkor
Listen to article

The Managing Director and Chairman of Darko Farms and Company Limited, Dr. Kwabena Darko has said, it is not economically wise to subsidize fuel in the face of an increase on the world market.

According to him, the country stands to benefit the more by way of foreign investment if we pay the right taxes on fuel and other products. He noted that the economy would be made stronger if the country pays realistic price for fuel.

Mr. Darko told Kapital News in an interview today that, the good management of the economy by the government has ensured a conducive business environment which every business person should take advantage of.

The Managing Director of Darko Farms who was the presidential candidate of the defunct National Independent Party in the 2000 general elections and founder of the Oasis of Love Church, stated that he has not deserted active politics but is now lending his support to the Kufuor-led government because it is pursuing policies that he would have pursued if he had become president.

Meanwhile, a section of residents in Kumasi have reiterated calls on government to consider other options of tax generation instead of focusing so much on raising taxes placed on fuel to avert the frequent fuel increases which are unleashing untold hardships onto their daily lives.

Responding to questions from our correspondent in Kumasi, they noted that though the recent petroleum increases are justifiable, government should not leave the entire burden on the citizenry but should employ some strategies to absorb part of the burden to give the Ghanaian populace a breathing space.

Others called on the NPP government to revisit some of the promises made during its campaign period to utilize profits realized from the exploration of natural resources to subsidize fuel. Some commercial and private motorists told Kapital News that the increase came as a surprise to them. For their part, some taxi drivers hinted that they are switching over to the use of LPG since it's economical.

Despite the increase, there has not been any increase in transport fares charged for traveling long distance routes that begin or terminate in Kumasi at the time of filing this report. It was learnt that, the various transport unions and stations are waiting for instructions on new fares to be charged, from the GPRTU.

As usual, acts of confusion emanating from misunderstanding between taxi drivers have started manifesting as some taxi drivers in the metropolis have come out with their own prices.

ModernGhana Links