The Deputy Chief Executive Officer in charge of Operations and Technical at the Petroleum Hub Development Corporation, Onasis Kobby Rosely, has attributed the resilience of the Ghanaian economy amid global shocks, particularly the Middle East crisis to the prudent economic measures implemented by the John Dramani Mahama-led government.
In an interview with Citi Business News, Onasis Kobby Rosely noted that the strong performance of the cedi since the Mahama administration took office is a major reason for the controlled increase in fuel prices in the country.
He highlighted the global price of crude oil and the cedi’s exchange rate against the dollar as the two key determinants of fuel prices in Ghana.
With the cedi enjoying relative stability against major trading currencies, he explained, the impact of the conflict in Iran and the broader Middle East has been significantly mitigated.
Onasis Kobby Rosely also called for patience among Ghanaians, urging the public to exercise restraint and trust the government as it works to improve the economy.
“Ghanaians should bear with what is happening now. The good thing is that the government is working so hard. The ministry of finance has been on top of it. But for the performance of our local currency, it would have been catastrophic.
“It may have surpassed what the previous government gave us at GHȼ17. But now we are doing less than that. Far less than that which means that the government is doing well. Because apart from the cost of the fuel, the freight, and other things, the ex-pump price and those ones, your currency strength plays a critical role in the pricing,” he stated.
“I plead with Ghanaians to bear with what is happening. I think government has done so, so well. And look at what is going. If Ghana is unable to go beyond the GHȼ17 as before, then Ghana must be willed to the NDC for some time because the government has proven to be efficient and prudent and proactive as well,” Onasis Kobby Rosely subsequently added.
CNR
