The Energy Sector Levy (Amendment) Bill, 2025 has been introduced to Parliament by Finance Minister Dr. Cassiel Ato Forson.
In an attempt to generate more money to pay down the debts of the energy sector and enhance electricity supplies, the proposed amendment would boost the levy on petroleum goods by GH¢1.
According to Dr. Ato Forson, the current debt of the energy sector must be paid off with at least $3.7 billion. He added that in order to support the power supply through 2025, an extra $1.2 billion will be needed to purchase fuel for thermal power generating.
Due to the strength of the local currency, Dr. Forson emphasized in a brief statement on the floor of Parliament on June 3 that the adjustment will not result in higher prices for customers.
“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.