By Iddi Yire

Accra, Feb 18, GNA – President John Dramani Mahama, has informed Ghanaians living in Ethiopia that the major tasks ahead of his Administration are to amend the Constitution, hold past and present Government officials accountable and stabilise the economy.

He was interacting with the Ghanaian Community living in Ethiopia at a dinner reception held in Addis Ababa for him.

The dinner reception formed part of the President’s itinerary during his recent participation in the 38th African Union Heads of State and Government Summit in Addis Ababa.

The event, which was held at the Residence of the Ghanaian Ambassador to Ethiopia began with speeches, seamlessly transitioned into a vibrant buffet dinner as the scent of exotic spices wafted through the air, teasing the taste buds and drawing everyone to the delectable spread of Ghanaian cuisine.

In his remarks, President Mahama reaffirmed his commitment to resetting Ghana and promoting good governance and accountability.

He painted a candid picture of Ghana’s economic struggles, revealing that the country had been grappling with severe economic crisis marked by unstable macroeconomic indicators.

He said the economic woes have been further complicated by Ghana’s debt crisis, noting that the country, under the previous administration was forced to admit to the international community that it was unable to pay its debt.

“For the first time in recent memory, we had to tell the rest of the world that we can’t pay our debt,” the President said.

To mitigate this risk, President Mahama said the government plans to re-establish the Sinking Fund to prevent future default.

He however, said the Government’s fiscal space remains severely constrained, with high expectations from citizens and limited resources to meet them.

He said a significant challenge facing the administration was the legacy of unfinished projects initiated by the previous government, including over 80 hospitals that required more than $1 billion to complete.

Touching on accountability, President Mahama said while the government would go after corrupt officials in the previous government, appointees in his government would also be held accountable according to their stewardship.

“Those of us in leadership must lead by example, be prepared to be held accountable for taking the public trust,” he said.

President Mahama said while people were excited about receiving appointments, they all must be reminded that “the green letter comes with a lot of responsibilities.”

Mr Samuel Okudzeto Ablakwa, the Minister of Foreign Affairs, highlighted Ghana’s impressive performance in the recent African Union elections, where the country secured three positions.

He attributed that success to the trust and confidence that Africans had in Ghanaians, saying, “Everyone on the continent believes that Ghanaians can be trusted, they will deliver.”

He reiterated the need for Ghana to increase its representation in international organizations.

Mr Joseph Ofosu-Appiah Duah, the President of the Ghana Community in Ethiopia, congratulated President Mahama on his re-election in the December 7, 2024, elections.

He expressed the community’s confidence in President Mahama’s leadership, vision, and dedication towards national development, expressing the hope that Ghana would continue to be a beacon of democracy, stability, and progress on the African continent under the President.

GNA

Motorists and businesses dependent on petroleum products are likely to see a reprieve in liquid fuel prices from the middle of February 2025, on account of global cost reductions.

The price fall is however likely to be tempered by depreciation of the cedi, according to an analysis by the Institute for Energy Security (IES).

“Given the combined effects of global fuel price trends and the cedi’s depreciation, the second pricing-window of February is expected to bring mixed reactions on the local fuel market,” the IES said in its most recent statement.

Brent crude drops over 5 percent

Brent crude oil, the global benchmark, saw a steady decline in early February, falling 5.65 percent from US$81.08 per barrel to US$74.74 per barrel by end of the first pricing window.

The drop was driven by an increase in U.S. crude oil inventories and seasonal trends, according to market data analysed by IES.

In line with the crude oil price movement, refined petroleum products also registered declines.

Data from Standard & Poor’s (S&P) Platts indicate that between the start and midpoint of February, gasoline prices fell by 1.26 percent to US$722.17 per metric tonne while gasoil (diesel) dropped 4.50 percent to US$708.67 per metric tonne.

Also, Liquefied Petroleum Gas (LPG) declined marginally by 0.22 percent to US$622.46 per metric tonne.

Cedi

Despite the decline in global fuel prices, the cedi weakened by 2.18 percent in the first pricing window – trading at GH¢15.42 per U.S. dollar compared to GH¢15.09 earlier in the month, resulting in an increase the cost of petroleum imports.

Projected price adjustments

With these opposing trends at play, IES forecasted a slight reduction in liquid fuel prices, while LPG prices are expected to remain unchanged.

“The Institute for Energy Security (IES) however anticipates a potential decrease in liquid fuel prices given the weight of price decreases on the world market, while LPG prices are likely to remain unchanged,” IES noted.

During the first pricing window of February, retail prices for petroleum products continued their upward trajectory.

The national average price for gasoline stood at GH¢15.61 per litre, diesel at GH¢15.65 per litre and LPG was GH¢18.79 per kilogramme.

Given the anticipated downward adjustment in liquid fuel prices, consumers may see marginal relief in petrol and diesel costs. However, LPG – widely used by households and businesses – is unlikely to change.

Pump price

Any reduction will be welcome after consecutive price increases since beginning of the year.

However, the impact will depend on how significantly Oil Marketing Companies (OMCs) adjust their prices in response to global market trends and forex pressures, IES noted.

IES identified Benab Oil, Star Oil and Zen Petroleum as offering some of the lowest fuel prices during the first pricing window.

“The OMCs will determine how they react to developments. Some might have much old stock, while others might be looking to gather market share. All of these and other factors will influence the actual pump prices,” Derick Xatse, a Research Analyst at IES, told B&FT.

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