Ghana Removes Fuel Subsidy

The Ghana National Petroleum Authority has announced the removal of fuel subsidy in the country.

The new development 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.

“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.

He added that 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 said.