Ghana to scrap fuel subsidies by September: oil minister

The Ghanaian government says it will scrap the remaining fuel subsidies by September in a bid to reduce expenditure while ensuring stable supply to drive economic growth, Petroleum Minister Emmanuel Buah told Reuters on Wednesday.

The government has set aside 50 million cedis ($12.5 million) for subsidies in 2015 down from $150 million last year and took the decision in line with the terms of a three-year International Monetary Fund aid programme aimed at restoring fiscal stability.

Ghana exports gold, cocoa and oil and until 2013 its economy was one of the fastest growing in Africa, but it has slowed sharply due to a fall in commodity prices and a fiscal crisis seen in a high debt-to-GDP ratio and a weakening currency.

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