April 4, 2014

The Minority Spokesperson on Energy, KT Hammond has criticized government over the recent hikes in petroleum products and utilities.

The National Petroleum Authority (NPA) recently increased prices for various petroleum prices. Petrol went up by 7.06percent, diesel by 5.25 percent and Liquefied Petroleum Gas (LPG) by 4.74 percent.

According to Mr. Hammond, who also is the MP for Adansi Asokwa, the current economic challenge the country is facing is a result of the incompetence of the Mahama administration.

“Why should petroleum prices be consistently increased? Why should we be subjected to the incompetence of the administration and the economic mismanagement of this country? It is simply this; someone is not managing our cedi well,” he lamented

In his opinion, things can only change if government fixes the exchange rate battle between the cedi and its foreign exchange partners.

Government has come under criticisms for the depreciating cedi and other economic challenges facing the country.

An economist, Dr. Mahamadu Bawumia recently said Ghana’s economy is crises situation.

According to him,Ghana might resort to the International Monetary Fund(IMF) for a bail out from the ailing economy.

He stated that “government should as a matter of policy and urgency, significantly cut down on borrowing for now. The government should anchor fiscal policy on a debt reduction target and immediately announce it.”

Reacting to the statement by Dr. Bawumia, Mr. Seth Terkper stated that government had not ruled out a bailout by the IMF to help restore economic stability.