Shamima Muslim, the deputy spokesperson for President John Dramani Mahama has announced that transport fares are expected to drop across the country. Speaking on TV3’s New Day program, she attributed this expected price drop to the recent reduction in fuel prices across the country.
According to Shamima, the falling cost of petroleum products is anticipated to lower transportation expenses, which directly impacts the cost of transporting food items to market centers. As a result, cheaper food items are projected to enter the market starting this weekend.
The Chamber of Oil Marketing Companies (COMAC) has confirmed that the ongoing reduction in fuel prices is largely driven by two key factors: the strengthening of the Ghanaian cedi against major international currencies and falling global prices of finished petroleum products.
With fuel being a major component of transportation and logistics costs in Ghana, this reduction is expected to have a domino effect on the pricing of essential commodities, particularly food. Transport unions and traders have long highlighted fuel costs as a major contributor to market inflation.
The upcoming weekend could mark the beginning of improved affordability, especially for urban dwellers who rely heavily on transported goods.
The drop in fuel prices brings a glimmer of hope for Ghanaians grappling with the high cost of living. As the effects ripple through the economy, all eyes will be on market stalls this weekend to see if the expected food price reductions materialize.
