Posted: Monday 14th July 2014 at 21:06 pm

Fuel increase due to bad economic management – KT Hammond

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Former Deputy Energy Minister, Kobina Tahir Hammond has blamed the recent increase in petroleum products on bad economic management.

According to him, government has failed to roll out workable measures to halt the depreciation of the cedi against major trading currencies in the world.

KT Hammond was reacting to the National Petroleum Authority (NPA) claim that the cedi depreciation is to blame for the 26 percent increase in fuel prices.

Due to this, petrol has been increased by 23%, diesel 22%, LPG 15.68%, kerosene and premix by 23.75% and 25.6% respectively. This has led to an increase in transports fares with many commuters outraged by the recent hikes.

But speaking on Asempa FM’s Ekosii Sen programme Monday, KT Hammond said it does not make economic sense for government to pass on the cost to consumers despite decrease in international crude oil prices.

‘Why should petroleum prices be consistently increased when crude prices on the world market is stable? The cedi [is] rotten’ he bemoaned.

The Adansi Asokwa  MP, who is also a member of the Parliamentary Select Committee on Energy wondered why in spite of President John Mahama’s numerous assurances to Ghanaians of an improvement in the economy, ‘things are going from bad to worse.’

“Ghanaians cannot pay for the incompetence and the bad economic management of the Mahama-led administration. Something urgent must be done to revive the economy’ he stressed.

KT Hammond stated emphatically that things can only change if government fixes the exchange rate battle between the cedi and the dollar.

  Story by Ghana/Adomonline.com/Adwoa Gyasiwaa

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