Account for the $1.26 billion collected from the PSRL since 2015 – Ken Ofori-Atta told
The Institute for Energy Policies and Research has challenged Finance Minister Ken Ofori Atta to account for the $1.26 billion collected from the PSRL since 2015.
The institute cited a statement from the Africa Centre for Energy Policy (ACEP), which stated that the total sum paid by Ghanaians as a result of PSRL is anticipated to be $2.53 billion.
According to Act 899, a portion of the levy will be used to subsidize premix and residual fuel oil, while the remainder will be used to keep petroleum prices stable for consumers.
According to INSTEPR, the President issued executive clearance for the PSRL, which is currently GHp16 for Gasoline and Gp16 for Gasoline and Gp16 for Gasoline and Gp16 for Gasoline and Gp16 for Gasoline and Gp16 for Gasoline
“We welcomed the announcement as good news because the average Ghanaian driver will save GHp64 per gallon of gasoline. The next logical question is, where is the PSRL money?
“In 2015, the government introduced the Price Stabilization and Recovery Levy under the Energy Sector Levies Act 899. The fundamental idea behind this levy is simple; When international Petroleum prices are low, Ghanaians through this levy will pay an amount into an account and when prices are high this money put aside for a rainy day, will be used to stabilize prices,” the statement noted.
“Very commendable policy, right?” it continued. “We have all paid this levy since 2015, and according to ACEP’s calculations, there should be approximately GHS 1,263,928,479.69 in that account for price stabilization. I believe it is the right time for Ghanaians to seek assistance from our government.
“We are just beginning to recover from the COVID-19 epidemic; products prices are quite high due to high transportation costs; wages have not increased significantly, and international petroleum prices are rising every day. Ghanaians are not requesting that the Finance Minister borrow money to assist us; all we want is our ‘susu money’ to assist us in these trying times.
“Our members of Parliament, who passed the Act, are supposed to demand accountability, but we have yet to see them do so. Parliament will have to approve the levy reduction when it returns from recess. We expect the Mines and Energy Committee will inquire concerning the whereabouts of this money and how it will be spent by the government.”
Source: Richard Mensah Adonu | Join our Telegram Group
