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Fuel imports cost $4 billion annually, according to Dominic Nitiwul

The government needs to import 400 million dollars worth of petroleum each month, according to Dominic Nitiwul, the defense minister.

This is how much the economy has expanded, he claimed.

The economy has expanded to the point where we now need to import petrol alone on a monthly basis for $4 billion, he claimed.

He revealed this during an interview with Ekosii Sen on Asempa FM on Wednesday.

Because of the growth, he claimed, "if the Bank of Ghana is not able to generate over 4 billion dollars in foreign exchange per year, they will turn to the illegal market."

He continued by saying that the value of the cedi would be diminished if the petrol mercenaries turned to the illicit market to set the rate.

The defence minister asked Ghanaians to contribute to the development of a robust economy.

He recommended companies to produce rice, poultry, toothpicks, vegetable oil, and other products because there is a market for them.

"Tiles made in the nation are still exported until now...

Why do you go outside to acquire items when they may all be created within the nation? He queried.

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Bank of Ghana Dominic Nitiwul Ekosii Sen


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