Ghana removes fuel subsidy
Written by Taiwo Adekola on March 15, 2023
The Ghana National Petroleum Authority, NPA , has announced removal of fuel subsidy in the country.
The removal of the subsidy is part of the country’s implemented regulatory measures to ensure stability across its downstream sector.
The Chief Executive Officer of NPA, Abdul Hamid, said this during a presentation at the ongoing Africa Refiners and Distributors week 2023, in Cape Town, South Africa.
Hamid said the Ghanaian government, through the NPA, has also removed energy subsidies.
He disclosed the plans were implemented in response to the global oil and gas market volatility caused by the Russian-Ukraine war and energy transition-related policies.
Hamid added that the NPA has also created a special fund to assist refineries in boosting their capacity to 50 barrels of oil in order to meet the country’s growing demand.