The Finance Minister, Dr. Cassiel Ato Forson, has presented the Energy Sector Levy (Amendment) Bill, 2025 to Parliament.
The suggested amendment aims to raise the tax on petroleum products by GH¢1 to help generate extra revenue for decreasing energy sector debts and enhancing power supply.
Dr. Ato Forson stated that a minimum of $3.7 billion is required to settle the existing debt in the energy sector.
He additionally mentioned that an extra $1.2 billion will be needed to acquire fuel for thermal power generation to sustain power supply during 2025.
In a short address in Parliament on June 3, Dr. Forson emphasized that the adjustment will not lead to increased prices for consumers because of the stability of the local currency.
“A minimum of $3.7 billion is needed to clean up the overall energy sector’s indebtedness for us to have a clean slate. In the year 2025, the government will require an additional $1.2 billion to procure essential fuel for thermal power generation alone. The power sector risks imminent collapse if these unsustainable debts are not resolved.
“The government is proposing an increase in the X pump price of diesel, petrol, and related products. The impact will be absorbed by the gains made from the strong performance of the Ghana cedi. And this will mean that consumers will not have to pay extra for the price of diesel and petrol, beginning today, June 3,” he said.
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