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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

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    Gov’t must invest more resources into agriculture sector – Agribusiness Chamber

    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Farmers worried about possible unfair distribution of MoFA machines

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    Our cars to sell for cheaper soon- locally assembled automobile companies

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    Ghana’s inflation rate rises again; hits 31.7% in July 2022

    Fitch downgrades Ghana’s credit rating from B- to CCC

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    Assistant Director, Fintech and Innovation, BoG, Clarence Blay

    E-cedi will not affect MoMo business – Bank of Ghana

    Bank of Ghana to widen its scope on cryptocurrency

    Importers, Exporters Association calls for sympathy for Labianca following corruption claims

    BoG Deputy Governor chairs advisory board of UG’s College of Humanities

    GEXIM CEO is one of Ghana’s 100 most influential business leaders

    Zenith Bank Ghana wins premium quality West African banking brand of the year 2021

    GIPC and GSE sign MoU to attract more investment into Ghana

    Appolonia City unveils its first commercial building; Adumuah Place

    Dr. Ampabeng advocates consolidation of road taxes into fiscal policy

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    We’re ready to re-engage gov’t on acquisition of Vodafone shares – Telecel

    New deadline for SIM re-registration too short – MoMo agents association

    Extend SIM card re-registration exercise to January 2023 – MoMo agents

    Vodafone agrees sell stake in Ghana’s business to Telecel

    Telecoms Chamber and IIPGH advocate sustained coding education

    IIPGH to enter coding education partnership with Telecoms Chamber

    PayAngel joins Microsoft for Startups Founders Hub

    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

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    African countries that could follow Sri Lanka into economic chaos

    Africa’s internet economy to cross $180 billion by 2025: Report

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

    Ivory Coast is set to receive $26.1 billion worth of development finance from 4 lenders, the EU and France

    Gulf central banks, Bank of England raise policy rates after Fed hike

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BoG must give special forex concessions to fuel importers to mitigate price hikes – COPEC

byMichael Ogbodu
November 23, 2021
in News, Oil And Gas, Top Stories
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The Chamber of Petroleum Consumers (COPEC) is proposing that the Bank of Ghana (BoG) should give concessionary dollar rates to fuel importers in Ghana.

COPEC believes this will go a long way to mitigate the constant hike in the price of fuel in the country.

Executive Secretary of COPEC, Duncan Amoah stated that “we have requested for the BoG to treat fuel imports with a certain urgency in order that we don’t misalign the Ghanaian budget and economy altogether. Full importers would need so many dollars to pay suppliers, but because the BoG is not able to guarantee them the dollar, they also have to go to the open market and source for dollars.”

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There has been a lot of talk about the constant hike in the price of fuel since the start of the year.  Prices at the pump started at a little over GH¢4 a litre but are now 10 pesewas shy of hitting the GH¢7.

The sporadic increase has been blamed on a number of issues, including the jump in prices on the world market.

A barrel of oil that sold for less than 50 dollars a barrel in January currently sells for about 75 dollars per barrel, after having crossed the 85 dollar mark in late October.

The depreciation of the Cedi against the dollars also plays a role in the narrative, and the Chamber of Petroleum consumers believes the Bank of Ghana must begin giving special forex provisions for importers of fuel into the country to help control the price of the commodity at the pumps.

As part of efforts to check the hike in the price of fuel, President Akufo-Addo granted permission to the National Petroleum Authority to zero the Price Stabilisation and Recovery Levies on petroleum products for two months.

NPA stated that measures were underway to implement the directive on November 1.

Despite this reduction, the price on the market continues to go up, with the current prices at the pump standing at GH¢6.99.

COPEC had in October 2021 indicated that fuel prices could hit GH¢7 a litre soon if the government does not take pragmatic steps to address the issue.

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