Increase in petroleum prices yields 28.2 billion cedis

Accra, Feb. 16, GNA - Professor George Gyan-Baffour, a Deputy Minister of Finance on Thursday said government realised 28.2 billion cedis from the last major petroleum price increase between February 18 and February 23 2005.

The amount, which has since been lodged in an Escrow Account at the Bank of Ghana was accrued before the date that the law authorising the price adjustment was approved by Parliament. Prof Gyan-Baffour said Cabinet has decided to use the accrued amount as seed money for the construction of two modern markets in Accra and Kumasi.

Following the 50 per cent price increases on petroleum products, the Minister of Finance and Economic Planning promised to submit the accrued amount to Parliament to enable the House have a discussion on the decision taken by Cabinet on the utilisation of the amount. Mr Hackman Owusu-Agyemang, Minister of Water Resources, Work and Housing said the new markets would have facilities like, car parks and places of convenience.

Members had called for modern facilities to make the markets accessible and convenient.