Ghana spends $85mn on fuel subsidies since April

Fuel Prices Increased

Ghana’s government quietly reintroduced fuel subsidies in April and has spent around $85 million since then in extra payments, the head of the Chamber of Bulk Oil Distributors (CBOD) told Reuters.?

The subsidies were scrapped early last year in a bid to reduce the budget deficit and restore macro-economic stability in Ghana. The reintroduction has not been publicly announced and senior government officials were unavailable for comment.?

The chamber’s chief executive, Senyo Hosi, also told Reuters that Ghana’s reserves of oil for domestic consumption normally stand at around four weeks but have fallen to just one week because banks are refusing to extend credit to importers due to outstanding government payments.

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