Concerns over fuel pricing in Ghana have also turned to global events and past economic decisions, with a Former Managing Editor of the Insight Newspaper, Kwesi Pratt Jnr. warning that international conflicts could sharply influence energy costs.
Speaking to Moro Awudu on the Good Morning Ghana programme on Metro Tv on April 15, he said not all geopolitical tensions affect oil markets in the same way, pointing to key global supply routes.
“The closure of the Strait of Hormuz would have a very different impact compared to the Russia Ukraine conflict,” he said.
“About 20 percent of the world’s oil passes through that route, so any disruption there directly affects energy prices.”
He stressed that global supply risks remain a major factor in determining local fuel costs, even as Ghana considers possible price reductions.
The discussion also shifted to Ghana’s recent economic history, where the analyst criticised aspects of the response to the COVID 19 period.
“We were told COVID was responsible for the economic difficulties,” he said. “But there were also issues with how resources were managed.”
He alleged that some funds intended for relief may not have been properly used.
“There were claims that part of the COVID relief funds went into campaign activities,” he said. “That raises serious concerns.”
He also described distribution efforts during the period as poorly coordinated.
“We saw chaotic attempts to distribute food. These are issues we cannot ignore,” he said.
Mr Pratt concluded that while lower fuel prices may offer short term relief, policymakers must consider the broader economic trade offs.
“This is not just about making fuel cheaper,” he said. “It is about understanding the trade-offs and managing the economy responsibly.”
