Mr. Baah Wiredu, Minister of Finance and Economic Planning in the 12th of September 2008 edition of the Daily Graphic was modest about the increment in petroleum prices (2,800% per annum) during the 19 year rule of the (P)NDC. Precisely, the cumulative increment was well over 51,900% as compared to the well-managed economy under the Kufuor-led NPP administration, which has seen an increment of just over 100% per annum.
The National Democratic Congress has consistently managed to paint the New Patriotic Party as uncaring and a bad manager of the economy as Fiifi Kweitey has frequently cited in his recently held press conferences. But a look at the tables below indicate otherwise.
Between March 1983 and April 2000, Mr Jerry John Rawlings pushed the price of premium from ¢12.30 to ¢6,400. That translates into 51,932% increment. This means that on average, the price of premium went up by 2,885% every year under the PNDC/NDC.
On the other hand, the NPP has increased the price of petrol by 733% (from ¢6,400 to ¢53,000), gas oil by 806% (¢5,963- ¢54,000) and kerosene by 655% (¢5,963 - ¢45,000). Under the NPP, the break down corresponds to premium prices going up by 105% per year.
Ghanaians can rest easy knowing that the economy is not crumbling, as the NDC might want us to believe.
Prices (¢) per Gallon
Product Mar 1983 (¢) 6th Jan. 1993 (¢) April 2000 (¢) September 2008 (¢)
PREMIUM 12.30 1,598 6,400 53,339
GASOIL 8.50 1,359 5,963 54,000
KEROSENE 5.0 1,125 5,963 51,075
Cumulative Percentage Increment in Petroleum Prices
Product 1983 - 2000 2001 – 2008 Petrol 51,932% 733% Gas Oil 70,053% 806% Kerosene 119,160% 757%
Yearly Average Petroleum Price Increments Product 1983 - 2000 2001 - 2008 Petrol 2,885% 105% Gas Oil 3,892% 115% Kerosene 6,620% 108%
Average Nominal Crude Oil Prices
1983-2000 2000 - 2008 $19.8 $46
