ICU against deregulation of fuel prices

The Industrial and Commercial Workers Union (ICU), says the deregulation of fuel prices is inimical to the interest of the working class because they would be robbed of their financial gains and lead to massive unemployment.

The union said the fall of the cedi against the dollar, automatically devalue the capital of manufacturers, thus leading to under production.

Speaking to Ghana News Agency in an interview in Accra on Thursday, Mr Solomon Kotei, General Secretary of ICU said with lower production, income levels would reduce drastically and obviously the number of the working force would be reduced.

He said since oil companies are going to trade on competitive prices lorry fares would be in disparity since they would be determined by where the commercial driver purchase his fuel.

In this regard, workers would not be able to afford the increment and would eventually report late or absent themselves from duty.

This, Mr Kotei said would affect productivity and lead to economic stagnation.