The country’s fuel subsidies have been eliminated, according to the Ghana National Petroleum Authority.
The country has implemented regulatory measures to ensure stability in its downstream industry, one of which is the removal of the subsidies.
This was stated by Abdul Hamid, the Chief Executive Officer of NPA, during a presentation at the currently taking place Africa Refiners and Distributers week 2023 in Cape Town, South Africa.
According to Hamid, the NPA on behalf of the Ghanaian government has also eliminated 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 said that the plans were put into action in response to the policies surrounding the energy transition and the global oil and gas market volatility brought on by the Russian-Ukrainian war.
“For the first time in 30 years, we have installed fuel caps as a measure to intervene and to control market instability,” he disclosed.
In order to fulfill the nation’s expanding need, Hamid continued, the NPA has also established a special fund to help refineries increase their capacity to 50 barrels of oil.
