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Ghana Government to Scrap its remaining Fuel Subsidies

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    June 7, 2015 3:59 PM CEST

    Ghana Government to Scrap its remaining Fuel Subsidies

    Ghana's government has decided to scrap its remaining fuel subsidies by September in other to reduce expenditure while ensuring stable supply to drive economic growth. This information was given to Reuters by the Petroleum Minister, Emmanuel Buah.

     

    Meanwhile, the government has set aside 50 million cedis ($12.5 million) for subsidies in 2015 down from $150 million last year and took the decision in line with the terms of a three-year International Monetary Fund aid programme aimed at restoring fiscal stability.

     

    According to Buah,The country also faces a severe electricity shortage with frequent power cuts that have been said to hurt the economy and angered voters. The government will therefore safeguard against abuse or rapid price rises on bus fares caused by the decision.