Ghana's government has quietly reintroduced fuel subsidies since April, spending about $85 million in extra payments, according to the head of the Chamber of Bulk Oil Distributors (CBOD) on Friday.
Senyo Hosi, the Chamber’s CEO, said subsidies were initially scrapped early last year in a bid to reduce the budget deficit and restore macro-economic stability in the country.
The reintroduction, which has not been publicly announced, is apparently awaiting policy backing. NAN and Reuters say senior government officials were unavailable for comment.
Hosi also said Ghana's reserves of oil for domestic consumption normally stands at around four weeks, but this has fallen to just one week, because banks are refusing to extend credit to importers due to outstanding government payments.
(NAN)
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