Transport fares cut by 10% following downward trend in petroleum prices; new fares effective tomorrow

In a recent development, transport fares in the country have been reduced by 10% following the downward trend in petroleum prices. The announcement was made by the Road Transport Operators in a release signed by Emmanuel Ohene Yeboah, General Secretary of Ghana Road Transport Coordination Council, and Godfred Abulbire, General Secretary of Ghana Private Road Transport Union (GPRTU).

According to the statement, the Administrative Arrangement on Public Transport Fares has been adjusted to accommodate for the recent reductions in the prices of petroleum products observed over the period. The new fares will apply to shared taxis, intra-city buses, popularly called tro-tro, intercity (long-distance) buses, and haulage vehicles. The release also urged all commercial transport operators to comply with the new fares and post the same at their loading terminals.

This announcement comes after a series of transport fare hikes in 2022. In February 2022, there was a 15% increase in the cost of transport, while in May 2022, transportation fares went up again by 20% due to the increase in petrol and diesel prices. In October 2022, transport fares increased by 19%, and road transport operators later reduced fares by 15.3% in December 2022.

The high cost of transportation has been a source of controversy in Ghana due to its direct impact on the prices of all goods and services. The dominance of the private sector in urban mass transportation service provision has made transport fares a crucial issue for workers who use these means to commute to their workplaces.

The reduction in transport fares is expected to have a positive impact on the prices of goods and services, as it will reduce the cost of transportation. The statement urged drivers and commuters to ensure the smooth implementation of the reduction to enable the benefits to be realized.

The recent reduction in transport fares in Ghana is a welcome development for commuters and businesses who have been affected by the high cost of transportation. It is hoped that this reduction will translate into a decrease in the prices of goods and services, leading to a boost in productivity and economic growth.

Source: norvanreports