Taxes on Fuel products must be reduced to stabilize the economy - Economist

Dr. Sampson Anomah a Senior Lecturer at Kumasi Technical University who is also the Head of the Department for Accountancy and Accounting Information Systems has stated that government should make sure prices of fuel products are well managed to stabilize the economy of the country.

He established that stabilization more careful management of taxes on fuel products will have a stabilization impact on the deteriorating daily increases of prices of goods and services and ameliorate the high cost of living in the country.

He stated that no other programs, in the short term, can check the rising prices as a significant cause of Ghana's rising price of petroleum products on the world market due to the Russian-Ukraine conflict.

Speaking in an interview with Kwaku Mensah Abrampa on Gye Nyame FM's morning show, Dr. Anomah Sampson noted further that the high rate of goods importation into the country has contributed greatly to the woes of the country's economy stating that there are certain imported items which can be produced on the local market hence government must ensure that certain goods are manufactured within the country to lessen the inflation rate. 

He said that importers, market men, and women keep adjusting the prices of their imported goods as a result of exchange rate depreciation between the dollar and the cedi. 

He finally pleaded with Ghanaians to reduce their penchant to consume goods imported from abroad and patronize made-in-Ghana goods to boost the local manufacturing industries.

He emphasized the fact that the government should also contribute to this drive by increasing import duty on certain luxurious goods or goods with perfect substitutes in the country.

"Embargoes and quotas can also be placed on certain imports where they are quite necessary for the health and growth of the economy", he stressed