Speaking to journalists, Mr Hadzide explained that the inflation drop should lead to a reduction in fuel prices and other consumer goods.
He said this will also reduce the financial burden on Ghanaians.
Petrol is expected to see a 5.8% reduction, while diesel and LPG will see a 4.8% and 2.4% reduction respectively.
Mr Hadzide added that the government’s decision to scrap some taxes in 2017 also contributed to the decline in the prices of the petroleum products.
“Fuel prices which have also been experiencing an upping over a 2 month period have also been on a gradual decline in recent weeks. The government further expects a drop in fuel prices by an average of 5.8% reduction for petrol. 4.8% for diesel 2.46% reduction for LPG. This is occasioned by the marginal strength of the cedi and the prices around the world. These reductions come on the back of several other interventions including the reduction in some 14 tax handles, reduction in the electricity tariffs, reduction in taxes of petroleum products from 40% to 26%,” he said.
In November 2018, the year-on-year inflation reduced from 9.5 per cent in October 2018 to 9.3 per cent. This is the lowest in five years.
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