Ghana is currently experiencing a skyrocketing, and uncontrollable prices of petroleum products. Fuel prices have hit an unprecedented level, with a litre selling at 7.990 Ghana cedis.
As part of the measures put in place to cushion consumers in times like these, there is a component of taxes in the fuel price build up called the Price Stabilisation Levy (PSL). The PSL is supposed to be saved and kept safe.
When prices become high, and government is incapable of mitigating the effect of global crude oil hikes, this levy is then called into action. It is supposed to be used to maintain the prices at a bearable level for consumers.
In probing this aspect of the pricing regime of fuel, the Member of Parliament for Buepe, Hon John Jinapor's question on the whereabout of this important levy intervention could not have come at a better time.
When the member of Parliament stated the fact above, the Host of Metro TV's Good Morning Ghana ask him whether he had made enquiries in Parliament. He answered and gave further revelations.
According to John Jinapor, from 2017 to 2020, the PSL had accrued about 2.2 Billion Ghana cedis in revenue. However, the Minister for finance had reported to parliament that, 1 Billion had been utilized.
The remaining balance of 1 Billion, according to the Minister responsible for finance, is in the consolidated fund per Jinapor.
If this account is true, which is likely to be the case since the record of utilization report says so, this is not only illegal, but a breach of trust of the people of Ghana.
These funds or levy are statutory, and must be used for its intended purpose. All of it.
So, where is the 1 Billion? At this point, the government would have used it to subsidize the price of fuel, which would have helped stabilize this unbeatable fuel price.
We hope to have answer, clear and transparent answers.
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