The Govt Must Do Something About Petroleum Price Increases

Since January 7, when this government was birthed, prices of petroleum products, have been shooting up anytime the prices are reviewed.

All the other economic indicators that, we were made to believe was declining seem to be taken a life of their own.

Inflation is going up, despite the promise of single digit inflation by the end of the year. The cedi, which was relatively stable against its major trading partners, especially the dollar, is now on a mission to the moon.

Several factors account for the increase in petroleum products, chiefly among the factors, is the exchange rate.

After deregulation, prices are determined by the Oil Marketing Companies (OMCs), based on the exchange rate, so anytime we fail to control the dollar, prices will naturally shoot up.

We all know the consequences on the ordinary Ghanaian and businesses, anytime prices of petroleum products go up. The rippling effect is felt by everyone regardless of their economic or social standing.

The managers of the economy, whiles in opposition, made us believe they had the panacea to solving all our economic problems. They were able through their sweet talk to cajole well-meaning Ghanaians to take on the previous administration.

Incompetence, became an everyday word in Ghana. It was used to describe the John Mahama led administration.

Water has found its level and Ghanaians are beginning to see the lies they were fed into thinking that Nana Addo Dankwa Akufo-Addo, could arrest the falling cedi.

The government should not lose sight of the devastating effect the periodic increment is having on the economy. The next review we are told will see prices of petroleum product go up by about 12 percent. This is a heart wrenching news, as commercial drivers, will also be getting ready to increase lorry fares.

Government must do something to avert any further increases. The dollar has taken the commanding lead again and since we depend largely on import, it is only wise to arrest the cedi from depreciating further.

 

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