Economist and Financial Analyst, Senyo Hosi, has commended President John Dramani Mahama for implementing the downstream petroleum deregulation policy, describing it as one of the boldest economic decisions taken during his first term in office.
Speaking on The Big Issue on Channel One TV on Saturday, January 24, Hosi said the move to deregulate fuel pricing was difficult and politically risky, but necessary for the sector.
According to Hosi, no president had previously been able to fully deregulate the pricing component of the downstream petroleum sector since the era of General Acheampong.
“When we did the deregulation, pricing was a critical thing. I remember His Excellency John Dramani Mahama was very livid and scared. The President did well. It was a hard decision. No President has been able to take that decision since we took over during Acheampong’s days.
“It was a bold move. It was the boldest move for the sector, the boldest in my opinion, economic move John Mahama did in his first term,” he said
He, however, indicated that the full benefits of the deregulation policy have not yet been maximised.
“But we have not optimised the benefits,” he cautioned.
Ghana’s downstream petroleum sector deregulation, formally launched in July 2015, shifted the responsibility for setting fuel prices from the government to Oil Marketing Companies (OMCs) and Bulk Import, Distribution and Export Companies (BIDECs), allowing market forces to determine prices.
