Ghana Won't Develop If Fuel Prices Go Down - Prez Mahama

Ghana’s development would stall if government dare reduce oil prices further, President Mahama has predicted. With Ghana’s development on his heart, comments from President Mahama shows that he is not ready to reduce the price of fuel anytime soon. He made this known in an interview with Angel FM in Kumasi. According to him, his administration was currently using the tax payers’ money to settle debts owed the BDCs and if he should lord over an administration that would pay debts and reduce fuel prices further, the nation would slowly develop under him. He called on the entire nation to support his decision to reduce the price of fuel by 10%. In his view, the decision to make that move is simply a significant one. He seized the opportunity to also talk about claims by the Chief Executive Officer of the Bulk Oil Distribution Companies, Senyo Hosi, that government owes them in excess of GH¢ 1.5 billion. He flatly denied the report. On 5th January, 2015, Mr. Hosi spoke on Peace FM’s flagship Kokrooko, and disputed claims by government that it has paid half the debt owed the BDCs. But President Mahama intriguingly revealed that governments’ firm decision not to further reduce the price of fuel despite a reduction on the world market, has given it the capacity to pay a whooping GHC 299 million out of the GHC 470 million to the BDCs. According to President Mahama, as at the time oil prices were reduced globally, the NPA made it clear that the total debt government had to settle was GHC 470 million but as at now, it stands at GHC 171 million.