Financial and economic journalist Kwabena Adu Koranteng is calling on government to take urgent and decisive action by slashing taxes on petroleum products to ease the growing economic hardship facing Ghanaians.
In an exclusive interview, Koranteng stressed that the rising cost of living largely driven by escalating fuel prices is pushing many citizens to the brink, warning that immediate intervention is needed to prevent further deterioration.
According to him, the recent surge in global crude oil prices, fueled by geopolitical tensions involving Israel, the United States, and Iran, is already exerting pressure on Ghana’s economy. However, he insists that government has the power to cushion citizens by reducing the tax burden on fuel.
“If government removes some of these levies, fuel prices could drop by 10 to 15 percent almost immediately,” he stated.
Koranteng singled out the Pollution and Emission Levy, describing it as “useless” and lacking measurable impact, and called for its complete removal. He also urged government to either scrap or significantly reduce the Debt Recovery (D) Levy, which forms part of the Energy Sector Recovery Levy.
He argued that these taxes are directly contributing to high fuel prices, which in turn are driving transport fares, food prices, and general inflation upward.
“Ghanaians are already struggling. The cost of living is simply too high, and fuel remains a major factor,” he emphasized.
Koranteng further urged the current administration to demonstrate bold leadership by prioritizing the welfare of citizens over revenue targets, noting that easing fuel costs would have a ripple effect across the entire economy.
With many households grappling with rising expenses, he maintained that a reduction in fuel taxes could provide immediate relief and help restore some level of economic stability.
