President John Dramani Mahama has assured Ghanaians that the newly passed Energy Sector (Amendment) Bill, 2025, will not lead to immediate increases in fuel prices at the pump.
According to him, the potential impact has been offset by the recent strengthening of the Ghanaian cedi and the general macroeconomic stability.
He gave this assurance on Wednesday, 4th June, while addressing members of the National Economic Dialogue Planning Committee at the Jubilee House, following the presentation of their final report.
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In his remarks, President Mahama emphasised the urgent need to raise revenue to address the current challenges facing the country’s debt-laden energy sector and to avoid a potential collapse. He stated:
Our energy sector carries a debt burden of over US$3.1 billion, with an estimated US$1.8 billion more required to finance fuel procurement for uninterrupted thermal power generation in the coming months.
He added:
Dumsor still with us…?
If left unaddressed, this situation poses a significant threat to national productivity and industrial growth. While we have devised a strategy to liquidate this debt and stem the bleeding in the power sector, we must take advantage of the recent appreciation of our currency to accelerate a solution to our energy sector challenges.
President Mahama further reiterated that the new levy would not affect fuel prices at the pump:
With the recent gains in macroeconomic stability and the strengthening of the Ghanaian cedi, this levy is not expected to result in any immediate fuel price increases at the pump. We are fully aware of the burden this could place on households and businesses, but I want to assure Ghanaians that this decision was not taken lightly.
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He also revealed that the projected additional revenue of GH¢5.7 billion will be strictly ring-fenced to pay down legacy energy sector debts, finance ongoing fuel purchases, and avert the risk of recurring power shortages.
President Mahama noted that proceeds from the levy will not be subjected to the risks associated with the Consolidated Fund. He emphasised that the funds will be regularly audited, with audit reports made public to ensure transparency and accountability.
Meanwhile, the decision has sparked mixed reactions on social media. While some Ghanaians view it as a necessary measure to stabilise the energy sector, others have condemned it as an unjust burden likely to be passed on to commuters and the general public.
