Ghana eyes more income from petroleum sector deregulation

Vice President Kwesi Amissah-Arthur on Tuesday explained that the deregulation of the petroleum sector and the expansion of the tax net are to help raise additional income for the execution of government projects.

He said all the major export commodities have suffered appreciable decline in prices on the world market and this has affected government’s projections for the year.

At a meeting with a delegation from the International Monetary Fund (IMF), which called on him at the Flagstaff House in Accra, the Vice President said the drop in the prices of the country’s export commodities on the world market has posed a considerable challenge on the economy.

He cited commodities like cocoa and gold, which had suffered a massive dip in prices and said Government has instituted various interventions to make up for the shortfall in export revenues.

Vice President Amissah-Arthur said Government is overcoming the constraints in the power sector which had considerably affected the operations of industry and commence.

The move, he said, would go a long way to enable industry expand its operations and offer more employment opportunities for the broad masses of the people.

The IMF delegation led by Madam Tina Dasekin said Ghana is endowed with huge potentials which should be harnessed and exploited properly to go a long way to improve the economy and enhance the material conditions of the people.

Source: GNA