Businesses are raising red flags over the timing of the recently approved GH¢1 per litre levy on petroleum products, warning it risks eroding recent gains in consumer relief and economic confidence.
Chief Executive Officer of the Ghana National Chamber of Commerce and Industry (GNCCI), Mark Badu-Aboagye says government has not provided enough of a buffer before reintroducing cost pressures at the pump.
Speaking after the launch of the 5th Chamber Business Awards, Badu-Aboagye acknowledged the strategic intent behind the levy meant to support energy sector debt reduction but called for more sensitivity around timing and affordability.
“The intended purpose of the levy is very relevant in supporting the energy sector and addressing its mounting debt. However, I take issue with both the timing and the rate of the increase. The rate of about 8% of the current price per litre is quite high.
“We’ve only recently started enjoying some relief from lower fuel prices, just about a month ago. Considering the financial strain consumers have faced, there should have been a grace period before any additional burden was introduced,” he noted.
GNCCI President Stephen Miezen added that the private sector is willing to partner more closely with government to drive sustainable growth, reduce imports and expand local production but such collaboration requires mutual respect and strategic engagement.
“The private sector is eager and prepared to collaborate with the government to boost production, reduce imports, and expand exports. For this to be effective, there must be deeper engagement, shared goals, and a strong mutual commitment between policymakers and the business community.
The Chairman of the Awards Planning Committee, Prince Ackuaku, also noted that the November 8 awards event will recognise enterprises that have innovated through economic difficulty and contributed meaningfully to national development goals.
“We aim to honour those who have innovated during difficult times, collaborated with government or civil society for measurable impact and remained committed to Ghana’s development,” he said.
With the theme “Revitalising Ghana’s Development Agenda Through Strategic Public-Private Collaboration,” the 5th Chamber Business Awards aims to elevate the role of business in Ghana’s recovery strategy, while keeping government policy accountable to the pressures faced by the private sector and consumers alike.