President Nana Addo Dankwa Akufo-Addo has assured Ghanaians that government is working hard to secure a reliable and regular source of affordable petroleum products for those who go to the fuel pumps.
He says he shares in the burden being put on Ghanaians by the increasing cost of living driven by fast escalating fuel prices at the pumps which he explained has pushed ‘people to make choices they should not have to make.’
Checks by ATL FM NEWS indicate that as of Wednesday, October 26, 2022, the price of diesel fuel in Ghana at the GOIL fuel pumps stood at 15.99 Ghanaian cedis (GHS) per liter.
It is to this end, that the ruling government says it is intensifying its efforts to obtain inexpensive petroleum products for the Ghanaian people.
Addressing the nation on the state of the economy Sunday evening, President Akufo-Addo said he believes that the aftermath of the move by the government, coupled with a stable currency, will halt the escalation of fuel prices and do away with the unbearable pressure being experienced currently by the citizenry.
“I know that people are being driven to make choices they should not have to make, and I know that it has led to the devaluation of the capital of traders and painfully accumulated savings.… It is expected that this arrangement, when successful, coupled with a stable currency will halt the escalation of fuel prices and bring relief to us all.” He said.
He however appealed to traders contributing to the hike in fuel prices in the country to reconsider their actions.
“I hear from the market queens also that another factor fueling the high prices is the high margins that some traders are slapping on goods, for fear of future higher costs. I say to our traders, we are all in this together. Please let us be measured in the margins we seek.
I have great respect and admiration for the ingenuity and hard work of our traders, especially those that take on the distribution of foodstuffs around the country, and I would hesitate to join in calling them names. I do make a heartfelt appeal that we all keep an eye out for the greater good, and not try to make the utmost profits out of the current difficulties.” He added.
MEANWHILE, President Akufo-Addo says his government is set to review the standards required for imports into the country, prioritize the imports, as well as review the management of Ghana’s foreign exchange reserves, in relation to imports of products.
According to him, with intensified government support and that of the banking sector, such products which include rice, poultry, bottled water, ceramic tiles, and others can be manufactured and produced in adequate quantities in Ghana.
In this regard, he emphasized that Government will, in May 2023, review the situation and as a matter of urgent national security, reduce dependence on imported goods, and enhance the country’s self-reliance, as demanded by the overarching goal of creating a Ghana Beyond Aid.
President Akufo-Addo indicated that though Ghana is making progress with the One District One Factory (1D1F) project which is an initiative to transform the nature of Ghana’s economy from one which is dependent on the import and export of raw materials to one which is focused on manufacturing, value addition, and export of processed goods, taking some more rigorous measures to discourage the importation of goods that can be produced in the country is one way to deliver Ghana out of the current economic difficulties.
“Much as we believe in free trade, we must work to ensure that the majority of goods in our shops and marketplaces are those we produce and grow here in Ghana. That is why we have to support our farmers and domestic industries, including those created under the 1-District-1-Factory initiative, to help reduce our dependence on imports, and allow us the opportunity to export more and more of our products and guarantee a stable currency that will present a high level of predictability for citizens and the business community.”
To him, Exports, not imports, must be the country’s mantra!
Read: Full Text: Akufo Addo’s address to the Nation on the Economy
Source: Rosemond Asmah/ATLFMNEWS
