Categories: NewsWorld News

Ghana Removes Fuel Subsidy

Ghana has removed the fuel subsidy.

 

Glamtush reports that the Ghana National Petroleum Authority has announced the removal of fuel subsidy in the country.

This online platform understands 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, said this during a presentation at the ongoing Africa Refiners and Distributers week 2023, in Cape Town, South Africa.

Hamid said the Ghanaian government, through the NPA, has also removed energy subsidies.

“We 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 said while speaking on more reforms implemented in the NPA.

He disclosed 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,” he disclosed.

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.

GLAMTUSH

Recent Posts

PHOTOS: Davido Receives Luxury Car From Auto Firm For 32nd Birthday

Davido has received a luxury car from an auto firm for his 32nd birthday.  …

12 hours ago

VIDEO: How Primate Ayodele Foretold Simon Ekpa’s Arrest In 2023

Simon Ekpa, a Finnish-Nigerian separatist agitator and self-proclaimed Prime Minister of the Biafra Republic Government…

12 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

Accuses detractors of peddling news of alleged governorship ambition.   Speaker of the Lagos State…

13 hours ago

Simon Ekpa, Four Others Arrested In Finland Over Terrorism Activities

Simon Ekpa and four others have been arrested in Finland over terrorism activities.   Glamtush…

17 hours ago

Davido Celebrates 32nd Birthday With ₦300m Donation To Orphanages

Davido is excited to celebrate his 32nd birthday with a ₦300m donation to orphanages.  …

18 hours ago

America Returnee Found Dead In Ogun Hotel

An American returnee has been found dead in an Ogun hotel.   Glamtush reports that…

19 hours ago