The Socialist Forum of Ghana (SFG), on Monday said the increase in petroleum products was unacceptable and inconsistent with promises made by the National Democratic Congress (NDC) in the election campaign of 2008.
A statement issued in Accra said, “This increase in fuel prices will have a ripple effect throughout the economy leading to the escalating prices of all goods and services.”
It said “Already the escalating prices are manifesting all around the country and there are serious fears that this could rapidly jeopardize the government’s commitment to reduce inflation to a single digit.
“It could also lead to significant job losses resulting directly from the strangulation of industry and commerce.”
According to the SFG the overall impact of fuel price hikes were more devastating for the poor and under-privileged than for the affluent in the society.
The SFG had, therefore, called on the President Mills’ Administration to take prudent and urgent steps to reverse the effects of the petroleum price increases.
“We also urge the President Mills’ Administration to take steps to break free from the stranglehold of the International Monetary Fund (IMF) and the World Bank (WB), which have been insisting on such increases as a condition for the provision of budgetary support,” the statement added.