Cedi Affecting Fuel Prices: COMAC Warns Government
The Chamber of Oil Marketing Companies (COMAC) wants action from the government. The organization wants steps to curb the cedi’s depreciation. This would help stabilize cedi affecting fuel prices. The local currency had previously strengthened. That action helped to lower prices. However, the cedi has recently weakened again.
Gabriel Kumi is the Board Chairman of COMAC. He spoke at PetFun 2025. This is an annual event for the petroleum industry. Kumi stressed the importance of a stable cedi. In fact, he said the President had given assurances. The President said the Finance Ministry was working hard. Its goal is to stabilize the currency. Kumi explained that the cedi’s value greatly affects fuel prices. He acknowledged the cedi’s recent progress. The currency moved from GHS17 to about GHS12 per dollar. Still, he said more must be done. He urged the government to “put a tap on the cedi.” This would prevent it from weakening further.
Kumi explained that COMAC has little control over pump prices. Their main goal is to keep prices low. Dr. Riverson Oppong is the CEO of COMAC. He projected that prices will increase soon. The recent cedi depreciation will affect prices. It will cause fuel prices to rise in the second half of September. Oppong remarked that the situation is a “bit dicey.” He called for more robust energy policies. He wants policies that make the energy sector self-sufficient. In addition, he wants the sector to contribute to Ghana’s economy.
The issue of the cedi affecting fuel prices is a major concern. It directly impacts consumer pockets. Ultimately, the stability of the currency is crucial. It supports the entire national economy. The government’s actions will determine the outcome.
Source: Citinewsroom
