The Minority MPs in Ghana’s Parliament is asking the government to use part of the over GH¢8 billion revenue accrued from petroleum products to cushion petroleum consumers against the current price hikes.
The Minority says the government has received over GH¢8 billion from petroleum resources
in less than 3 months, as against its GH¢6 billion projection for the year.
Speaking to journalists on Wednesday, November 2, 2022, the Ranking Member on the Mines and Energy Committee of Parliament, John Jinapor, urged the government to act in halting the escalation of fuel prices which he bemoans has seen over 300 percent increase in less than a year.
“In less than three months, the government has received over GH¢8 billion from our petroleum resources. So in three months, the government has received more than it projected for the whole year, so government is making supernormal profits. In fact, even the Price Stabilization and Recovery Levy which are supposed to subsidize fuel, government projected that in the first two quarters, it will receive GH¢269 million, and as we speak, from the Ministry of Finance’s own record, the government has received GH¢800 million. And so this notion that government is not making any money is a fallacy.”
“Government is making so much money from our petroleum resources, I, therefore, call on President Akufo-Addo and the outgoing Minister of Finance that they should do something about this price increment. They should sit up and think outside the box and apply these supernormal profits to cushion the ordinary Ghanaians.”
Mr. Jinapor indicated that the economic crisis worsens by the day as he receives calls every day from some of his constituents seeking diverse assistance to enable them to stay afloat.
“I receive calls every day from members in the constituency, from people who cannot even afford one square meal a day, people who cannot even send their kids to school because of the exorbitant fuel prices which are having a cascading effect on food prices, and general cost of living.”
“We hold the view that government can do something about the fuel price increment, government must sit up, government must do something and the government must cushion ordinary Ghanaians.”
