Report by Victoria Anima Akomea-14/03/2024
Ghana has recently been ranked 10th in Africa for its affordable fuel prices, as reported by GlobalPetrolPrices.com. This report aims to provide a detailed analysis of Ghana’s fuel affordability ranking, its implications for the economy, and recommendations for sustainable management of fuel prices.
As per the report, Ghana currently stands at the 10th position in Africa for its affordable fuel prices. The price of petrol ranges from GH¢12.02 to GH¢13.29 per liter, while diesel falls between GH¢13.21 and GH¢14.60 per liter. Despite a slight increase from previous rates, Ghana’s fuel prices remain comparatively low. The average price of fuel in Ghana is GH¢13.03 per liter, which is below the global average of $1.30 per liter.
Ghana’s 10th position in Africa and 39th globally for affordable fuel prices indicate the country’s competitive edge in the petroleum market. Low fuel prices contribute significantly to empowering consumers and businesses, boosting purchasing power, and fostering a vibrant economy. This affordability enhances the competitiveness of Ghana’s industries and supports economic activities, ultimately driving growth and development.
While low fuel prices benefit consumers and certain sectors, they may pose challenges for the petroleum sector. The sustainability of Ghana’s fuel prices requires strategic measures such as efficiency improvements, tax diversification, and infrastructure development. These initiatives can help mitigate challenges and create a win-win situation for all stakeholders, ensuring the long-term viability of Ghana’s fuel market.
Ghana’s ranking as the 10th most affordable fuel market in Africa underscores its competitiveness and economic resilience. By implementing strategic approaches to address challenges and capitalize on opportunities, Ghana can sustain its affordable fuel prices, drive economic growth, and promote prosperity for its citizens.
This report highlights the importance of fuel affordability in shaping Ghana’s economic landscape and emphasizes the need for proactive measures to ensure its sustainability in the long run.
