Ghana cuts fuel subsidy

2013-02-17 20:42


Multimedia   ·   User Galleries   ·   News in Pictures Send us your pictures  ·  Send us your stories

Accra - Fuel prices in Ghana will rise by up to 20% after the government announced on Sunday that it would cut petroleum subsidies, a controversial move meant to tackle the country's rising deficit.

Petrol and diesel prices will rise by 20% and kerosene prices by 15%, National Petroleum Authority chief Alexander Mould said in a statement.

The move comes after authorities announced on Friday that Ghana was running a deficit of 12.1% of GDP, nearly twice the government target of 6.7% set in July last year.

That prompted ratings agency Fitch to downgrade the country's credit outlook to negative from stable.

Ghana spent about $631m on fuel subsidies last year and was expected to spend $1.26bn this year before the cut was announced, according to the Bank of Ghana.

Fuel prices are a sensitive issue in the region.

Nigeria tried to cut its fuel subsidy last year but ultimately backed down after several days of violent protests.

Read more on:    ghana  |  west africa

Join the conversation! encourages commentary submitted via MyNews24. Contributions of 200 words or more will be considered for publication.

We reserve editorial discretion to decide what will be published.
Read our comments policy for guidelines on contributions.
NEXT ON NEWS24X publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
Comments have been closed for this article.

Inside News24


Prince George the green prince?

Prince Charles hopes his grandson's love of the outdoors will become a passion for the environment.



One man's $1 million vision for an eco Africa
China's air pollution at doomsday levels
Keep food fresher for longer
Hurricanes, earthquakes and floods – What climate change really means for us

Book flights

Compare, Book, Fly


The full moon energy can be quite intense today as your emotions fight against reason. It is important to ground your ideas more

There are new stories on the homepage. Click here to see them.


Create Profile

Creating your profile will enable you to submit photos and stories to get published on News24.

Please provide a username for your profile page:

This username must be unique, cannot be edited and will be used in the URL to your profile page across the entire network.


Location Settings

News24 allows you to edit the display of certain components based on a location. If you wish to personalise the page based on your preferences, please select a location for each component and click "Submit" in order for the changes to take affect.

Facebook Sign-In

Hi News addict,

Join the News24 Community to be involved in breaking the news.

Log in with Facebook to comment and personalise news, weather and listings.