Ghana's Economy Is In Safe Hands

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