The International Monetary Fund (IMF) has described as prudent the government’s decision to increase the Energy Sector Levy on each litre of petroleum products in Ghana.
The IMF argues that if the move could help in reducing the energy sector debt and improve Ghana’s fiscal deficit situation, then the initiative should be welcomed.
Speaking at a News Conference in Washington, DC, USA, Director of Communications at the IMF Julie Kozack said, “This new measure will help generate additional resources to tackle challenges in Ghana’s energy sector”.
“We also believe that this will help bolster Ghana’s ability to deal with the fiscal challenges”, the Director of Communications added.
President John Mahama last Thursday, June 5, 2025, signed the Revised Energy Sector Levy (Amendment) Bill 2025. This was after it was passed by parliament.
This paved the way for the Ghana Revenue Authority (GRA) to start enforcing the levy from June 6, 2025. However, following implementation challenges expressed by the Chamber of Oil Marketing Companies, the GRA was forced to defer the levy’s introduction to July 16, 2025.
Based on these new revisions, consumers of petroleum products will be paying GH¢1.96 as the revised Energy Sector Shortfall and Debt Repayment Levy on each litre of fuel sold at the pumps.
The Chamber of Oil Marketing Companies (COMAC) warned that enforcing the levy will result in the average price of petrol moving from GH¢11 per litre to about GH¢13 per litre.
Credit: JOYONLINE