Businesses in Ghana have expressed serious concerns about the recent GH¢1 per litre fuel levy, warning that its timing could undermine recent economic gains and consumer relief. The Ghana National Chamber of Commerce and Industry (GNCCI) cautioned that while the levy aims to reduce energy sector debt, the sudden cost increase risks reversing positive momentum just as fuel prices had begun to ease. CEO Mark Badu-Aboagye highlighted the need for greater sensitivity to consumers’ financial strain and called for a grace period before imposing such additional costs.
Badu-Aboagye acknowledged the levy’s strategic importance in addressing the energy sector’s mounting debts but criticized both the timing and the rate, which represents about an 8% hike per litre. He noted that consumers only recently began benefiting from lower fuel prices, emphasizing the need to avoid compounding economic pressures during a fragile recovery period. This concern reflects broader worries about affordability and the potential ripple effects on businesses and households.
In response, GNCCI President Stephen Miezen reiterated the private sector’s readiness to work collaboratively with government to drive sustainable growth. He stressed the importance of deeper engagement and mutual respect between policymakers and businesses to reduce imports, boost local production, and expand exports. This partnership, Miezen suggested, is vital for aligning goals and building a resilient economy that can withstand external shocks and fiscal challenges.
The upcoming 5th Chamber Business Awards, launched alongside these concerns, will recognize enterprises that have demonstrated innovation and commitment despite economic difficulties. Prince Ackuaku, Chairman of the Awards Planning Committee, noted that the event aims to celebrate organizations that have contributed meaningfully to national development by collaborating effectively with government and civil society, underlining the awards’ theme of revitalizing Ghana’s development agenda through strategic public-private partnerships.
Ultimately, the awards and the GNCCI’s statements underscore the critical role of business-government collaboration in Ghana’s recovery strategy. While the fuel levy addresses urgent fiscal issues in the energy sector, there is a clear call for more considerate timing and joint efforts to balance fiscal responsibility with economic growth and consumer welfare.
Source: Citi newsroom