Mark Badu Aboagye, CEO of the Ghana National Chamber of Commerce and Industry (GNCCI)
The 2025 Budget may have introduced tax reforms and economic recovery plans, but one critical issue remains unresolved which has to do with fuel price stability.
According to Mark Badu Aboagye, CEO of the Ghana National Chamber of Commerce and Industry (GNCCI), the government failed to outline a clear strategy to tackle rising fuel costs.
He argues that fuel prices significantly impact inflation, business expenses, and the cost of living, making them a key economic concern.
“Fuel prices drive almost everything up, and I didn’t hear anything significant on how they are going to bring these prices down,” Badu Aboagye said in an interview with The High Street Journal on March 13, 2025.
He also warned that without measures to stabilize fuel costs, businesses will continue to struggle as rising transportation and production expenses are passed on to consumers.
With Ghana targeting an inflation rate of 11.9% in 2025, the GNCCI boss believes that ignoring fuel price control could derail this goal.
Badu Aboagye also raised concerns about the cedi’s depreciation, noting that expensive fuel imports and global price fluctuations will further strain businesses.
He therefore urged the government to take decisive steps to reduce energy costs, emphasising that fuel prices are crucial to economic stability.
While he acknowledged some positive aspects of the budget, such as tax cuts and proposed VAT reforms, he stressed the need for clear policies on fuel pricing to ease pressure on businesses and households.
Meanwhile, Ghana’s fuel market has experienced significant fluctuations in recent months.
In March 2025, fuel prices dropped for the second consecutive time, bringing some relief to consumers. Total Energies led the trend, reducing petrol and diesel prices from GH¢15.99 to GH¢15.79 per litre. Shell followed suit, lowering petrol from GH¢15.89 to GH¢15.72 per litre and diesel from GH¢15.99 to GH¢15.77 per litre.
Additionally, petrol, diesel, and LPG prices at the pump are expected to decrease by 4.5%, 3.8%, and 3.9%, respectively, in the second pricing window of March 2025, according to the Chamber of Oil Marketing Companies.
MA
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