Accra: Mr Wilbert Petty Brentum, the Western North Regional Minister, has stated that the recent 15 per cent reduction in transport fares is poised to boost the economy by leading to a decrease in the prices of goods and services across various sectors.
According to Ghana News Agency, the Minister attributed the fare reduction to favourable microeconomic conditions, particularly the ongoing appreciation of the cedi against the dollar, which has contributed to a decline in fuel prices. He emphasized the expectation that this reduction would lead to improved food prices, as traders often include transportation costs in their pricing. Mr Brentum urged traders to adjust their prices downward to reflect this significant progress.
Mr Brentum highlighted that, under the leadership of President John Dramani Mahama, certain economic policies have created a more favourable financial environment, enabling the currency to strengthen against other international currencies. These policies, he noted, have had a direct impact on reducing the cost of imported goods, particularly fuel, which is a critical component of the transport sector.
He called upon the leadership of the Ghana Private Road Transport Union (GPRTU) and other authorities to take actions against drivers who do not comply with the directives regarding fare reductions.
