GRi Business, Economics & Finance 17 – 01 - 2003

NDC cautions government on fuel price increment

Price increase in fuel is inevitable - Nana Ntow

Inter-bank exchange rates

 

 

NDC cautions government on fuel price increment

 

Accra (Greater Accra) 17 January 2003- The National Democratic Congress (NDC) on Thursday cautioned the government to hasten slowly in its determination to increase petroleum prices, as the political terrain presently is very rough.

 

It urged the government to listen to calls by political parties and civil society against any possible increase without corresponding salary adjustments. "We wish to advise the New Patriotic Party (NPP) government that the recipe that we have learnt it is determined to implement - steep increases in petroleum prices, an increase in the Value Added Tax rate, increases in electricity and water tariffs, a wage freeze, abolition of extra duty allowances and a freeze on non-oil related exchange - is a recipe to economic unrest and social chaos...," Dr Nii Josiah-Aryeh, NDC General

Secretary, stated at a press conference in Accra.

 

Dr Josiah-Aryeh, flanked by the Professor John Evans Atta Mills, former Vice President and Presidential Flagbearer of the party, and other national executives of the party, said the proposed wage freeze, abolition of extra-duty allowances and freeze on non-oil related foreign exchange would compound the condition of ordinarily persons.

 

He said, the political tension had been fueled by "government propagandists" who are bent on putting a spin on issues concerning the petroleum prices. "We know that the NPP government is determined to increase petroleum prices, no matter what. We also know that government is bent on doing this completely unmindful of the depth of public feeling and public opinion on the matter, hence the caution," Dr Josiah-Aryeh stated.

 

He noted that any increases in petroleum prices now would worsen the plight of the average Ghanaian worker. The NDC General-Secretary reminded the government of a similar situation in 1995, stressing, "the economic plight facing the ordinary Ghanaian is similar to, if not worse than, those conditions that existed in the country at the time of the infamous Kume Preko demonstration."

 

"The NPP set a precedence in November 1999 when it led other opposition parties in the "Ya Bre" demonstration against fuel price increases, utility tariffs adjustment and increases in the VAT rate.

 

"The NPP government must apply the same principles they made that any such increases will be unbearable and unaffordable for the Ghanaian masses as the plight of ordinary citizens have not improved under its administration."

 

He said whether the demonstration was justifiable or not the reality today is that Ghanaians could not cope with the increases being proposed, stressing, "government must be careful not to get carried away by its own propaganda".

 

The NDC also advised the government to adopt a by-partisan approach to the economic crisis by creating conditions for an inter-party approach "instead of the propagandists' tactics of blaming the past government over the energy crisis".

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Price increase in fuel is inevitable - Nana Ntow

 

Akim Oda (Eastern Region) 17 January 2003- A Government's Spokesman, Nana Ohene Ntow, has stated that the NPP, while in opposition, opposed the former governments' attempt to increase the price of petroleum products "due to the inability of the NDC to explain to the people the realities on the ground."

 

He said the Kufuor administration would continue to practice an "open administration" to explain issues to Ghanaians before implementing its policies, adding that the fuel price increase is inevitable.

 

Nana Ohene Ntow who was speaking at the Birim South People's Assembly held at Akim Oda on Wednesday, asked filling station managers to guard against hoarding of petrol so as not to create unnecessary panic among motorists and travelers.

 

The Eastern Regional Minister, Dr Francis Osafo-Mensah, mentioned infrastructure, modernisation of agriculture, education and health as the priority of areas of the government.

 

He said the government was committed to rehabilitating some major roads in the country such as the Accra-Aflao, Accra-Kumasi and Akim Oda-Nkawkaw trunk roads.

 

On the mass cocoa spraying exercise, Dr Osafo-Mensah stated that the government would not give the insecticide to individual farmers to spray their farms as been suggested in some quarters.

 

This, he explained, is to ensure that none of the insecticide was diverted to other sources and also to ensure that all cocoa farms were sprayed to help boost the country's cocoa production.

 

He said the "cash-and-carry" policy was being replaced "methodically" with the health insurance policy, but cautioned however, that "the idea does not mean free medical services to the people."

 

The District Chief Executive, Mr Yaw Amprofi, noted that the government's determination to provide vehicles to the police to assist them on patrol duties had led to the reduction of crime waves.

 

He appealed to Ghanaians to be patient with the government in its efforts to salvage the economy, saying "it takes time to repair something which has been destroyed over the years."

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Inter-bank exchange rates

 

Accra (Greater Accra) 17 January 2003

 

Currency                      Buying             Selling

U.S. Dollar                   8,314.09 cedis             8,524.45 cedis

Pound Sterling              13,332.47                    13,673.22

Swiss Franc                  6,015.92                      6,164.38

Canadian Dollar            5,416.40                      5,550.55

Danish Kroner              1,182.90                      1,212.16

Japanese Yen               70.48                           72.23

South African Rand      964.84                         986.62

Euro                             8,791.61                      9,012.14

CFA Franc                   13.40                           13.74

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