Ghana’s Finance Minister, Ken Ofori-Atta announces an increase in fuel prices

The people living in Ghana will soon be expected to pay more when they purchase fuel.

Ghanaians to pay more for fuel

This is because of the Finance Minister’s announcement of an increase in Energy Sector Levies Act (ESLA) which is charged on petroleum products.

Speaking on the floor of Parliament today, Ken Ofori-Atta said the government has resorted to ESLA to raise more funds to settle legacy debts inherited from the previous government.

“Government proposes to increase the Energy Sector Levies by GHp 20 per litre for petrol and diesel and GHp 8 per kg for LPG, so as to increase the inflows to enable Government issue additional bonds to pay down our energy sector debt obligations. Based on current indicative prices for petrol and diesel this translates to GHp 90 per gallon.”

The Government in 2017 issued the Energy Sector Levy Act (ESLA) Bond, which has, to date, raised almost GHC6 billion on the back of ESLA levies to pay for legacy debts from the previous government.

The bond proceeds were used to liquidate approximately 60% of the energy sector legacy debts.

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