Ghana Cedi Depreciation Cause Of Fuel Hikes – Togbe Afede

Togbe Afede XIV, the Paramount Chief and Agbogbomefia of the Asogli State, has blamed the quick depreciation of the Ghana cedi for the current increase in the pricing of petroleum goods in the country.

Despite recent increases in worldwide prices, he claims that the dropping value of the Ghana cedi remains a crucial factor that has impacted fuel prices in the country.

“So it’s not local inflation per se, nor is it the price of crude on the world market; it’s the dropping value of the cedi that’s a major concern.” When I heard the cedi had crossed the GHC8 mark against the dollar the other day, I was astonished.

“When you consider that the cedi was only recently GH5 to the dollar, GHC8 to the dollar represents a 60 percent increase in a short period of time.” “Even if the gold price remains unchanged, the dollar effect alone will have resulted in a 60% increase in the local price of petroleum products,” he explained.

When the Board and Management of the National Petroleum Authority (NPA) paid him a courtesy call at Ho in the Volta Region, Togbe Afede XIV made these remarks.

Togbe Afede acknowledged that the Russian-Ukrainian situation has had an impact on global petroleum prices, but said that the rapid depreciation of the Ghana cedi is also a big influence.

He termed the scenario as “double jeopardy” for the Ghanaian people.

The Agbogbomefia also praised the NPA Board and management for the gesture, encouraging them to work harder to improve the sector’s efficiency.

The visit, according to Dr. Mustapha Hamid, CEO of the National Petroleum Authority, was to seek advice and direction from the traditional monarch who is also a businessman and a prominent player in the energy sector.

Regarding recent fuel price spikes, Mr. Hamid stated that the NPA and other key players, including the government, are taking swift action to alleviate the Ghanaian people’s suffering.