The Ghana National Petroleum Authority(NPA) has declared the removal of fuel subsidies in the country.
The subsidy removal is part of the country’s implemented regulatory measures to ensure stability across its downstream sector.
The Chief Executive Officer(CEO) of NPA, Dr. Mustapha Abdul-Hamid, made this known during a presentation at the ongoing African Refiners and Distributors week 2023, in Cape Town, South Africa.
Hamid said the Ghanaian government, through the NPA, has also removed energy subsidies.
“We have removed subsidies and deregulated our markets. Industries were shutting down because the government was finding it hard to find the money to provide subsidies and to this day industry is being powered by investments in the private sector and there are no complaints of supply.
“We are ensuring affordability and security for the vulnerable consumers through the removal of energy subsidies,” he said while speaking on more reforms implemented in the NPA.
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.
“For the first time in 30 years, we have installed fuel caps as a measure to intervene and to control market instability,” he disclosed.
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.