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24.11.2021 Business & Finance

‘Cut taxes or absorb price increment’ – Importers & exporters to government

‘Cut taxes or absorb price increment’ – Importers & exporters to government
24.11.2021 LISTEN

The Importers and Exporters Association of Ghana wants government to review fuel prices downwards.

The association believes the current increment in the prices of fuel and other petroleum products has adverse effects on the prices of goods and services in the country.

Fuel is currently being sold at GH¢6.99 per litre at some filling stations across the country.

Since October 19, 2019, the price of petrol in Ghana has increased by approximately 33.6 percent.

Speaking to Citi News in Accra on the sidelines of an energy summit, the Executive Secretary of the Importers and Exporters Association of Ghana, Aasaki Samson Awingobit, urged the government to absorb the increment or risk being unpopular.

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“Fuel prices are becoming expensive by the day, making life difficult for a lot of Ghanaians. I advise government to absorb this if it's possible. We urge the government to consider the masses, and the strain on the business community.”

“Business already has not been smooth these past few months. It is quite unfair that government will further burden them. If the government does nothing about the situation, it risks becoming unpopular.”

The Government of Ghana implemented price deregulation of petroleum products on June 16, 2015, with the Oil Marketing Companies (OMCs) determining prices rather than the National Petroleum Authority (NPA).

Before this initiative, the government absorbed components of the price of petroleum products, but this subsequently became unbearable for the government.

---citinewsroom

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