NDC comms member, Abdulai Sakra Alhassan says without cedi stability, fuel prices would be worse

A National Communications Member of the National Democratic Congress (NDC), Abdulai Sakra Alhassan, has defended the government’s economic management amid rising fuel prices, arguing that the situation would have been worse without the cedi’s relative stability.

His comments come after the Chamber of Oil Marketing Companies (COMAC) projected that fuel prices would increase from August 1, with petrol expected to rise by 7.58%, diesel by 12.50% and liquefied petroleum gas (LPG) by 4.13%.

He acknowledged concerns about the fuel price adjustments but urged Ghanaians to recognise the role of exchange rate stability in limiting their impact.

He said the government’s efforts to manage the cedi had helped prevent a more significant increase in petroleum prices, which are heavily influenced by exchange rate movements.

According to him, a further depreciation of the cedi would have pushed fuel prices much higher than the current levels.

“If we couldn’t bring down the dollar from the 15, 16 that it was going, then how much would the fuel price be today? Let’s appreciate that. Don’t let us run away from the real truth. We have done so well, at least managing the exchange rate,” he said.

He urged Ghanaians to consider the broader economic factors influencing petroleum pricing.

“We are not happy where it is. I’m not happy. But don’t run away from the truth and just go to where you think will suit you,” he added.