Many a Ghanaian has complained bitterly about the hikes in petroleum prices in the 2021 budget through levies.
Some journalists have tended to blame President Akufo-Addo for this uncomfortable situation, saying he has done exceptionally bad in managing the economy, hence our current economic woes.
What these people have so far failed to take cognizance of is the general economic climate resulting from the negative effects of the deadly coronavirus pandemic since February last year.
Today, South Africa is reported to have increased its taxes and levies in order to contain the economy downturns brought by COVID-19.
Only 35% of the price one pays at the pump in South Africa is for fuel. The rest of the cost of petrol goes towards taxes and levies.
In the 2020/21 financial year, a quarter of the petrol price was allocated to the General Fuel Levy, with the embattled Road Accident Fund siphoning a further 14%. Both levies were increased in April.
The above reportage gives a vivid description of the negative impacts on the world’s economies as a result of the deadly pandemic.
It is, therefore, erroneous for anybody to blame Akufo-Addo for the increases in the prices of petroleum products. The world over is reeling from this virus, and Ghana is no exception.
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