Economist Dr. Adu Owusu Sarkodie has welcomed the
government’s decision to purchase oil from other countries or sources, saying,
that will help control fuel prices and rising inflation.
Fuel prices have shot up significantly at the pumps with
petrol going for an average of ¢18 per litre, whilst diesel is selling at ¢23
Speaking to Joy Business, Dr. Owusu Sarkodie, said the
government must act fast to lessen the burden on Ghanaians.
“The President [Akufo-Addo] touched on so many things. Key
among them is the high cost of living, high food and energy prices and the fact
that he’s doing something about it. For example, he has started negotiations
with other sources of oil; other countries or companies that produce oil at a
lower price and also to keep the exchange rate stable”.
“I think that will also help check the price of the fuel
because we know the high cost of fuel price is driving the high cost of prices
of items through high transport costs in the country”, he explained.
He pointed out that the government’s ability to control fuel
prices would stabilise and subsequently reduce prices of foodstuffs and certain
goods on the market.
“So, if we are able to control fuel prices, we would be able
to control prices of so many items within the economy”.