Depreciating Cedi cause of fuel hike – Minority

• Posted on December 9, 2019May 23, 2020
• by Ellsamwise King
• Comment

The minority in Parliament has blamed the increment in fuel prices on the depreciation of the cedi.

Ranking Member of the Mines and Energy committee of Parliament Adams Mutawakilu says the incompetence of the Vice President and managers of the economy is to blame for the increment.

Prices of fuel were increased at the pump by some OMCs with the Chamber of Petroleum Producers asking for taxes on petroleum products to be reduced

Speaking to Starr News Ibrahim Alhassan, Mutawakilu said “this government is always taking us for granted.  We don’t see the reason why we should increase fuel prices. Is it because the cedi is depreciating?”

“If the cedi is depreciating, the vice president Dr Bawumiah should be held responsible and not shifting it to Ghanaians. So I condemn this and expect that president Nana Akufo Addo should make sure that it is reversed. He cannot be transferring his incompetence on ordinary Ghanaians, he added.

When asked what in is view was the reason for the fuel hikes, he said “depreciation of the cedi. Today the cedi has depreciated to about 6.8 to 9.  That is purely the reason. And I don’t think that level of incompetence, Ghanaians should pay for it.”