Govt making super normal profit from Russia-Ukraine war – Minority alleges

The Minority in Parliament has alleged that government is making super normal profit from the Russia-Ukraine war and not the case that the war is having a negative impact on the Ghanaian economy.

Minority’s Spokesperson on Energy and Member of Parliament (MP) for Yapei-Kusawgu Constituency, John Abu Jinapor, told a press conference on Wednesday in Parliamentary that in the 2022 budget, government projected to receive GH¢6 billion from the petroleum resources for the year but in less than three months, it has received over GH¢8 billion.

So in three months, government has received more than it has projected for the whole year,” he said, attributing the figures to a report by the Public Interest and Accountability Committee (PIAC), as well as reports by the Ministry of Finance.

The former Energy minister said fuel prices in Ghana has increased by 300 per cent in less than one year from an initial GH¢6.5 per a litre at the beginning of this year.

Ladies and gentlemen, it is sad to say that fuel is more costly even more than the minimum wage,” Mr Jinapor said.

Stabilisation levy

He further alleged that even the Price Stabilisation and Recovery Levy which was supposed to be used to subsidise fuel and cushion Ghanaians against the astronomical rising of fuel prices has not materialised.

He said government projected that in the first and second quarters of the year, it will receive GH¢269 million “but as we speak and from the Minister of Finance’s own record, it has received GH¢ 800 million.”

So, this notion that government is not making money is a fallacy and a complete falsehood,” Mr Jinapor pointed out.

Action

The Minority has, therefore, called on President Nana Addo Dankwa Akufo Addo and the Finance Minister, Ken Ofori-Atta, to do something about the constant rising of fuel prices to cushion Ghanaians.

They should sit up and think outside the box and apply this huge super normal profit to cushion the ordinary Ghanaian,” he said.

For him, the cascading effects of the rising prices of fuel was having a dire consequences on almost every things, particularly food items, hence making life unbearable for the ordinary Ghanaian.

The President said he was going to give us cheaper fuel from where? And strangely, he did not give any timelines. He must provide a practical solution to the country’s challenges,” Mr Jinapor noted.

“The nation is going through difficult times. Indeed, some have said we are in a deep hole but I think we are in a galley,” the NDC’s spokesperson on Energy observed.