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Govt securing affordable petroleum products to stabilise prices



Fuel prices, hikes, Newscenta, pumps, NPA, petrol, diesel,

President Nana Addo Dankwa Akufo-Addo says government is working to secure reliable and regular sources of affordable petroleum products for the Ghanaian market to stabilise fuel prices.

He is optimistic that this step in addition to a stable currency will halt the escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and cedi depreciation and bring relief to all Ghanaians.

The rising prices of petroleum products in the country have reduced disposable income significantly by increasing household budgets for not just fuels, but also transportation charges, vital commodities, and other goods and services.

Persons worst hit are the unemployed, underemployed and workers whose salaries and wages have not been increased at all.

Addressing the nation on measures being taken to tackle the economic crisis, the president acknowledged the difficulties Ghanaians are going through.


President Akufo-Addo said he was aware of the economic challenges occasioned by the rising cost of petroleum products, leading to increment in transport fares and price of goods and services.

“I know that the increasing cost of living is the number one concern for all of us. It is driven by fast escalating fuel prices at the pumps, which is caused by high crude oil prices on the world market and our depreciated currency. I know that this is putting intolerable pressure on families and businesses,” he said.

Negative impacts of high fuel prices

Increases in petrol and diesel costs have a direct and indirect impact on all key sectors of the economy, including agriculture, transportation, manufacturing, and production.

This, in turn, has an impact on the prices of everyday necessary commodities that are used, such as food, utilities etc.


The electricity sector has a significant influence since it requires a substantial amount of fuel to generate power.

Higher fuel prices raise freight expenses and production costs, particularly for businesses that utilize fuel as a key input and pass on the additional costs to the end consumers.

Increasing fuel prices have resulted in an increase in the amount of money motorists spend on fuel each month for the same distance travelled.

Transport operators are the most vulnerable to fuel price hikes because it is still a key input in their operation

Increases in fuel prices reduce disposable income by increasing household budgets for not just fuels, but also transportation charges, vital commodities, and other goods and services.


Currently, the highest-priced Oil Marketing Companies are selling petrol close to GH₵15 per litre while diesel is as high as GH₵18 at some filling stations.

New fuel prices are expected to take effect from November 1 and considering the rapid depreciation of the cedi  during the period used for the coming pricing window, it is being projected that petrol may sell around GH₵18 per litre while diesel will go for as high as GH₵20

94% rise in the price of petrol

The ex-pump price of a litre of petrol which was GH₵6.75 in January has jumped by 94% within the first 10 months of the year and is currently selling for GH₵13.10.

136% increase in the price of diesel


In the same vein, a litre of diesel which sold for GH₵6.7667 in January recorded 136% price change between January and October 2022 and is now selling GH₵15.99 per litre.

New prices to take effect on November 1

These prices will run till the end of October and new prices will take effect from November 1, 2022 for the first pricing window.

Petrol-14 increases, 4 reductions, 1 recorded no change

Out of the 20 pricing windows in the 10 months, petrol recorded 14 increases, four price reductions and one window did not experience price change.


Diesel-14 increases, 4 reductions, 1 recorded no change

Similarly, diesel also recorded 14 price increases, four price reductions and one window did not experience price change.

Cedi slide and sharp rise in petrol and diesel prices

A significant fall in the value of the cedi against the US dollar and the sharp rise in petrol and diesel prices on the global market caused the rise in the fuel prices.

The value of the cedi has depreciated by almost 40% since the beginning of the year.


OMCs with highest-priced fuel

The figures used reflect that of Oil Marketing Companies (OMC) with the highest-priced fuel on the downstream petroleum market namely GOIL, Total and Vivo (Shell).

36% increase in FoB price of a metric tonne of petrol

Ghana imports refined products and the Free on Board (FoB) price of a metric tonne of petrol imports increased by 36% from $707.95 in January to $964.75 in October 2022.

71% increase in FoB price of a metric tonne of diesel


In the same vein, the FoB price of diesel jumped by 71% within the first 10 months from $641.38 in January to $1,097.18 in October.

January ex-pump prices

The ex-pump price per litre started the year at GH₵6.75 for petrol and GH₵6.7667 for diesel.

Petrol-GH₵6.9367 (2.77% increase), Diesel- GH₵6.95 (2.71% increase)

During the second pricing window of January 16-31, the price of petrol witnessed 2.77% increase to GH₵6.9367 while diesel went up by 2.71% to GH₵6.95.


Petrol- GH₵7.3933 (6.58% increase), Diesel- GH₵7.4267 (6.86% increase)

In the first pricing window of February 1-15, petrol recorded 6.58% increase, rising to GH₵7.3933 while diesel price also increased by 6.86% to GH₵7.4267.

Petrol- GH₵7.9533 (7.57% increase), Diesel- GH₵7.9533 (7.09% increase)

The second pricing window in February from 16-28 saw the price of petrol go up by another 7.57% to GH₵7.9533 and the price of diesel rose by 7.09% to GH₵7.9533.

Petrol- GH₵8.3933 (5.53% increase), Diesel- GH₵8.3933 (5.53% increase)


March 1-15 representing the first pricing window recorded 5.53% increase sending the price of a litre of petrol to GH₵8.3933 while the price per a litre of diesel also went up by 5.53% to GH₵8.3933.

Petrol- GH₵9.6667 (15.17% increase), Diesel- GH₵10.4933 (25.02% increase)

During the second pricing window of March (16-31), the price of a litre of petrol jumped by 15.17% to GH₵9.6667 and diesel also skyrocketed by 25.02% to hit GH₵10.4933 making a litre of diesel more expensive than petrol for the first time.

For the first pricing window of April (1-15) both petrol and diesel witnessed price decreases.

Petrol- GH₵9.3333 (3.45% decrease), Diesel- GH₵10.2433 (2.38% decrease)


The price of a litre of petrol declined by 3.45% to GH₵9.3333 and diesel also dropped by 2.38% to GH₵10.2433.

Petrol- GH₵9.35 (0.18% increase), Diesel- GH₵10.78 (5.24% increase)

The price change for the second window of April (16-30) returned to an increase with petrol going up by a marginal 0.18% to GH₵9.35 while diesel also rose by 5.24% to GH₵10.78.

Petrol- GH₵9.35 (no change), Diesel-GH₵11.2133 (4.02% increase) 

In respect of May 1-15 pricing window, the price of petrol remained unchanged at GH₵9.35 but diesel witnessed 4.02% increase to GH₵11.2133.


Petrol-GH₵9.8167 (4.99% increase), Diesel-GH₵11.83 (5.5%)

During the second pricing window for May (16-31), petrol price inched up 4.99% to GH₵9.8167 while diesel rose by 5.5% to GH₵11.83 per litre.

Petrol-GH₵10.10 (2.89% increase), Diesel-GH₵12.1833 (2.99% increase)

In June, the first pricing window (1-15), recorded 2.89% increase in the price petrol to GH₵10.10 and that of diesel shot up 2.99% selling at GH₵12.1833.

Petrol-GH₵10.99 (8.81% increase), Diesel- GH₵13.4267 (10.21% increase)


For the second pricing window for June (16-30), petrol price spiked by 8.81% to sell at GH₵10.99, while diesel rose even higher by 10.21% to sell at GH₵13.4267.

Petrol-GH₵11.47 (4.37% increase), Diesel-GH₵14.1367 (5.29% increase)

In the month of July, the first pricing window (1-15), petrol went up by 4.37% to sell at GH₵11.47 and diesel also increased by 5.29% selling at GH₵14.1367.

Petrol-GH₵11.30 (1.48% decrease), Diesel-GH₵13.87 (1.89% decrease)

However, in the second pricing window (16-31) of July, petrol saw 1.48% decline to GH₵11.30 while diesel also went down by 1.89% to sell at GH₵13.87.


Petrol-GH₵10.95 (3.1% decrease), Diesel-GH₵13.26 (4.4% decrease)

During the first pricing window of August (1-15), petrol again dropped by 3.1% to GH₵10.95 and diesel fell by 4.4% to sell at GH₵13.26.

Petrol-GH₵11.15 (1.83% increase), Diesel-GH₵13.46 (1.51% increase)

In the second window, petrol rose by 1.83% to GH₵11.15 while diesel also inched up by 1.51% to GH₵13.46.

Petrol-GH₵11.55 (3.59% increase), Diesel-GH₵14.50 (7.73% increase)


The first pricing window of September recorded 3.59% increase in the price of petrol to sell at GH₵11.55 and diesel also recorded 7.73% increase to GH₵14.50.

Petrol-GH₵10.95 (5.19% decrease), Diesel-GH₵14.50 (no change)

During the second pricing window, petrol price decline by 5.19% to sell at GH₵10.95 but the price of diesel remained unchanged at GH₵14.50.

Petrol-GH₵11.10 (1.37% increase), Diesel-GH₵13.99 (3.52% decrease)

In respect of the first pricing window of October, petrol price witnessed 1.37% rise to sell at GH₵11.10 while diesel declined by 3.52% to sell for GH₵13.99.


Petrol-GH₵13.10 (18.02% increase), Diesel-GH₵15.99 (14.3% increase)

In the second pricing window of October (16-31), petrol price went up by a significant 18.02% to sell at GH₵13.10 while diesel shot up by 14.3% to GH₵15.99.

Formula for determining ex-pump prices

The price of fuel in Ghana is determined by a formula that takes into consideration the following factors such as the world market price of each petroleum product; the cost of importing or producing the product and making it available for loading to retail outlets at the storage depot (referred to as the Suppliers’ Premium); the Ghana Cedi (GHS) to US Dollar (USD) exchange rate; the taxes/levies on each petroleum product; and the distribution margins on each product.

In Ghana, there are two pricing windows in a month (1st – 15th and 16th to end of the month) within which both the Bulk Import Distribution and Export Companies (BIDECs) and Oil Marketing Companies (OMCs)/Liquefied Petroleum Gas Marketing Companies (LPGMCs) generally review the prices of petroleum products.


However, because of the bi-weekly pricing window policy practiced in Ghana, the daily prices on the world market are averaged for a two-week period and used in the pricing formula.

The world market prices and the exchange rates used in the pricing formula to determine ex-pump prices in Ghana vary for every pricing window due to the daily changes mentioned above.






NDC opens nominations for Presidential, Parliamentary Primaries



NDC, Newscenta, nominations, primaries, presidential, parliamentary,

The National Democratic Congress (NDC) has opened nominations for its Presidential and Parliamentary aspirants for the 2024 General Election.

A statement issued by Mr Fifi Fiavi Kwetey, the General Secretary of the NDC said the Nomination Forms for Parliamentary aspirants would be accessible to all persons for purchase on the official website of the party; effective 22nd February.

It said Nomination forms for Presidential aspirants could be obtained from the Office of the General Secretary at the Party’s Headquarters at Adabraka, Accra effective 0800 hours from Wednesday, February 22.

The statement said the Functional Executive Committee of the Party had, however, put on hold the opening of nominations for parliamentary primaries in some constituencies.

These constituencies are Ayawaso Central, Amasaman, Afram Plains South, Akwatia, Efutu, Gomoa Central, Amenfi East, Evalue Gwira, Assin North, Pusiga and Tarkwa Nsuaem.


The rest are Ayensuano, Adansi Asokwa, Offinso North, Ahafo Ano North, Sekyere Afram Plains, Ahafo Ano South West (Aduagyman), Bosome Freho, Asante Akim Central, Manso Adubia, Manhyia South, Subin and Fomena.

The statement said the Functional Executive Committee of the Party would in due course announce the date for the opening of nominations in those Constituencies.

Filing fee for its presidential primary has been fixed at GH¢500,000.

The parliamentary primary fee has also been pegged at GH¢40,000.

Furthermore, nomination forms for the presidential and parliamentary primaries are going for GH¢30,000 and GH¢5,000, respectively.


Both the presidential and the parliamentary primaries would be held concurrently on Saturday, May 13, 2023.

It is the final leg of internal elections to elect a flag bearer and 276 Parliamentary Candidates to lead the party into the 2024 election.

Per the timetable, nominations for aspiring parliamentary candidates would open on February 22 to 24 to make room for interested persons to pick nomination forms via the NDC website at a cost of GH¢5000 which must be paid via Mobile Money.

Although nomination for presidential candidates will also commence on February 22 to 24, interested candidates are required to pick nomination forms directly from the office of the General Secretary of the party and pay a fee of GH¢30,000 via banker’s draft.

However, female aspirants and persons with physical disabilities will be required to pay only 50 per cent of the fee charged.


Aspiring presidential and parliamentary candidates will be required to submit the completed forms between March 20 to 22 before vetting will commence on March 27 to 29.

There will also be a window for appeals on the outcome of the vetting process between March 30 to April 6 before the election on May 13.

Interested individuals must  be a paid up member of the NDC in good standing and must not be a dual citizen or owe allegiance to any other country aside from Ghana.

With regard to flag bearer aspirants, interested persons must be members of the NDC for at least 10 years and in good standing.

An electoral college will be constituted by the party to elect the flagbearer.


The college will comprise executive members of the party from the branch to the national level.

It will also include Members of the NDC parliamentary group, former MPs who are members of the party, former presidential staffers, former members of the Council of State who are members of the NDC and former Ambassadors who are members of the party.


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 Dr Addison: BoG’s intervention prevented economic standstill 



BoG, Newscenta, financing of govt, economic standstill,

Governor of the Bank of Ghana (BoG), Dr. Ernest Addison has defended the Central Bank’s decision to finance government expenditure last year to prevent the economy from being totally destabilized.

Economic instability

According to him, without Central Bank intervention, the economy would have come to a standstill, leading to an economic instability.

Ratings downgrade blocked access to $3bn from capital market

He explained that 2022 started with the downgrading of the economy by credit ratings agencies blocking the country’s access to the capital market where Ghana borrows at least $3 billion each year prior to 2022.


Revenue projections fell far below expectations

Dr Addison pointed out that in addition to losing access to the capital market, revenue projections fell far below expectations.

Govt finances in trouble

Speaking at the annual stakeholder meeting of the State Interests and Governance Authority (SIGA), the Governor said the developments put government finances in trouble as there was no money to fund expenditures.

GH¢44.5bn net claims on govt in 2022


BoG records show that net claims on the government increased by about GH¢44.5 billion at the end of December 2022.

GH¢7.2bn purchase of treasury bonds

Giving a breakdown, BoG noted that GH¢7.2 billion, represented its purchase of treasury bonds from banks to provide them with liquidity to enable them meet their obligation to customers.#

GH¢8.9bn on-lending facilities granted by IMF

In addition, GH¢8.9 billion is on-lending facilities granted by IMF for onward lending to government.


GH¢37.9bn overdrafts

In the same vein,  GH¢37.9 billion, represents overdraft extended to government, solely meant for the purpose of addressing auction shortfalls and paying customers whose bonds had matured and for which government did not have adequate resources.

GH¢9.5bn govt deposit liabilities

According to BoG, Government Deposit liabilities recorded an increase of GH¢9.5 billion in the course of 2022.

BoG stepped in to prevent economy from being standstill


Dr Addison stated that the Central Bank stepped in to prevent the economy from destabilizing and coming to a standstill.

Crisis would have been much earlier

He pointed out that if the BoG had not stepped in, Ghana could have gone into this crisis much earlier and investors in government bonds would not have been paid their interest.

Situation unsustainable by mid 2022

The Governor explained that the situation became unsustainable by mid 2022, leading to the government’s decision to seek support from the International Monetary Fund (IMF).


IMF supports BoG financing of govt

According to him, IMF agreed that financing from the Central Bank was needed until a plan is finalized.

IMF applauded BoG for stepping in

He revealed that the IMF applauded the Central Bank for stepping in on time to stabilize the macro-economic condition to avert a collapse of the economy.

“We have been discussing this plan with the IMF over the last three to six months and finally had a staff-level agreement in December,” he added.


Fiscal consolidation and debt restructuring

The plan, according to Dr. Addison, involves fiscal consolidation and debt restructuring.

“So when people speak as if we have been reckless, I disagree completely,” he said.

Analysts criticize BoG’s intervention

Some analysts have criticized BoG for supporting government expenditure in 2022, arguing that the central bank acted irresponsibly.


Critical role of BoG

He maintained that one of the critical roles of the Central Bank is to step in and stabilize the economy when there is danger ahead.

No more BoG support for govt

According to Dr. Addison, one of the key objectives of the IMF programme is to ensure that the revenue and expenditure plan for 2023 does not require Central Bank financing in order to make BoG’s interest rate policy more effective and targets achievable.

State-Owned Enterprises


He added that there was also a decision on aligning structural policy, hence the decision to include State-Owned Enterprises (SOEs).

Competitive and efficient SOEs

“It is important that SOEs are competitive and efficient and it is expected that we will have a policy which will state clearly what the objectives and guiding principles of state ownership will be.

Roles and responsibilities of shareholders, management of SOEs

“It must also state clearly what the roles and responsibilities of the shareholder or the management of SOEs will be.


Financing of SOEs and dividend payments

“The policy should also specify what the fiscal relations between the government and SOEs are, including the financing of SOEs and dividend payments,” he added.

Remuneration of board members and management of SOEs

Dr. Addison is of the view that it is important for the policy to also provide a framework for the remuneration of board members and the executive management of SOEs and also a framework for the appointment of board members, as well as executive management, based on their technical competence.

Cap on salary adjustment of SOEs


He pointed out that it is long overdue to place a cap on the salary adjustment of SOEs.


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Bondholders granted 3-day window to complete processes



Bondholders, Newscenta, 3-day, administrative window, tender process,

Government has announced a window for bondholders to complete processes for tendering their bonds in response to the terms of exchange as amended pursuant to the second amendment.

A statement issued by the Ministry of Finance and signed by Ken Ofori-Atta said the window ends at 4pm on Friday, February 10, 2023.

According to the Minister, it came to the attention of government that some bondholders experienced technical challenges as they tried to complete the online tender process.

It is believed that a sudden rush by bondholders to sign up close to the deadline placed a strain on the IT infrastructure.

Ofori-Atta explained that except for the announcement date which is now Monday February 13, that the timetable of the exchange has not been affected.


He stated that the settlement of exchange remains the scheduled date of Tuesday February 14, 2023.

“Except as set forth in this paragraph, the terms and conditions of the exchange are not modified or amended,” he added.

It reminded bondholders who could not complete the process to visit the website of the Central Securities Depository to complete the process

Ofori-Atta thanked bondholders who have so far tendered their bonds.

Improved offer for individual bondholders


Under the improved offer, all individual bondholders who are below the age of 59 years (Category A) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 10% coupon rate.

Improved offer for retirees

All retirees (including those retiring in 2023) (Category B) are being offered instruments with a maximum maturity of 5 years, instead of 15 years, and a 15% coupon rate.

Ofori-Atta said the objective of this is to ensure that individuals, especially retirees, who put their hard earned savings in the domestic market, are not left in hardship as a result of the DDEP and yet contribute to the resolution of the current crisis.

He said government was intentional in pushing the threshold of what is possible, in order to safeguard the well-being of our pensioners, preserve the savings of individuals, protect the working capital of businesses, ensure the health and stability of our financial sector and restore macroeconomic stability.


Significant amendments made

Significant amendments have enabled government to reach an agreement with key major domestic creditor categories including banks, insurance companies, capital market players and foreign holders of domestic debt in relation to their participation in the DDEP.

All of the institutional bondholders will be paid a 5% coupon on its 2023 bonds.

All other restructured bonds will pay 9% coupons, rather than the variable rates originally outlined.

Under the agreement, the government has removed all clauses in the Exchange Memorandum that empower the government to, at its sole discretion, vary the terms of the Exchange.

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