Member of Parliament for Afigya North and parliament’s finance committee, Collins Adomako-Mensah, has expressed relief over a possible reduction in fuel price next week.

According to him, although the country is experiencing some “crisis” as admitted by President Akufo-Addo, it is a great revelation that a key component such as fuel will likely experience a reduction in price, especially with the Chamber of Petroleum Consumers (COPEC) declaration that measures are being put in place to help subsidize the rising prices.

He revealed that the President was emphatic with regards to the economic hardships in the country. However, he stated that government is working round the clock to salvage the situation.

“The President when he last spoke to Ghanaians did indicate some twelve steps that government intends to implement to help turn situations around… It’s refreshing to hear that from next week, petrol prices will be going down. I’m aware and the President indicated that government is in the process of getting other sources of fuel which might be cheaper… Fortunately, COPEC is predicting that from next week, things will stabilize…”
Collins Adomako-Mensah

Mr Adomako-Mensah equally lauded what he described as the stabilization of the dollar and exchange rate situation over the past week. He explained that despite the fact that Bank of Ghana’s rate has always been “lower than what happens outside”, it gives an indication of the gradual regaining of the cedi’s strength.

“We’re praying that going forward, the rates should even come down further. We know that the IMF negotiation is ongoing and from the last statement from the finance ministry, they hope to have a staff agreement by the end of the year. So, these are things government is trying to push to ensure that we have a quick turnaround of the economy.”
Collins Adomako-Mensah

Conclusion of IMF deal ahead of budget reading

Commenting on government’s forecasted conclusion of the IMF deal by the end of the year, the Afigya North legislator noted that the “IMF will come in and normally, they have some thematic areas” that is agreed on which significantly feeds into the budget presentation.

He however, explained that government doesn’t necessarily have to wait for the program itself before it can read the budget.

“However, we can agree on some fundamental issues in principle and that should feed into the budget reading… Hopefully, the agreement that is going to take place within this few days will have a positive reflection. Industry players, for us as politicians and everybody, we are looking at what the budget will indicate to us. This budget is an important budget because it has to give an indication of government’s intentions and programs.”
Collins Adomako-Mensah

Earlier, second Deputy Majority Chief Whip, Habib Iddrisu, revealed that government will complete negotiations with the International Monetary Fund (IMF) before the 2023 Budget will be presented to Parliament. He highlighted that due to the confidence and trust imposed by the IMF in Akufo-Addo’s government, negotiations have been at a fast pace to secure a program for the country.