The Finance Minister, Dr. Cassiel Ato Forson, has presented the Energy Sector Levy (Amendment) Bill, 2025 to Parliament.
The proposed amendment seeks to increase the levy on petroleum products by GH¢1 as part of efforts to raise additional revenue to reduce energy sector debts and improve power supply.
Dr. Ato Forson indicated that at least $3.7 billion is needed to clear the current energy sector debt.
He further noted that an additional $1.2 billion will be required to procure fuel for thermal power generation to support power supply throughout 2025.
In a brief statement on the floor of Parliament on June 3, Dr. Forson stressed that the adjustment will not translate into higher prices for consumers due to the strength 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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