Business News of Wednesday, 6 January 2016

Source: thebftonline.com

'Fuel price hikes shows economy is mismanaged'

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A Ranking Member of the Mines and Energy Committee in Parliament is accusing the National Petroleum Authority of perpetrating fraud on the people of Ghana.

According to KT Hammond, the NPA on the blind side of Parliament and the Ministry of Finance surreptitiously increased fuel prices to 30 percent.

He said Parliament had expected no increase in fuel prices at all or even if there will be, it will be marginal due to the introduction of the energy sector levy introduced by the executive under a certificate of urgency.

He could not understand how a figure of 30 per cent hike was announced.

"We didn't know about it. I had no clue. As I understand it there has been a disconnect between the activities at the Ministry of Finance and those at the NPA.

"The NPA may well on the blind side or by itself done something that was not anticipated," he indicated.

He added the "NPA is practicing some fraud on the people of Ghana and I think they would have to be unmasked."

The new fuel price hikes have been heavily criticized by the general public due to the attendant hardships it will bring on the people.

Already commercial drivers are meeting to decide new transport fares to slap on commuters.

The Ghanaian Union of Traders Association (GUTA) is also plotting to increase the prices of goods and services.

Government has defended the hikes in fuel prices, with the Labour and Employment Minister saying it will in solving the power crisis.

Meanwhile the Bulk Distribution Companies say the new hikes can only be attributed to the new taxes introduced by Parliament.