The Ghana Road Transport Coordinating Council (GRTCC) says the upcoming 15% reduction in transport fares is intended to help lower the cost of commodities and services across various sectors of the economy.
The announcement follows an agreement between transport operators and the Ministry of Transport, with the new fares set to take effect from Saturday, May 24, 2025.
The reduction is attributed to favorable macroeconomic conditions, particularly the sustained appreciation of the Ghanaian cedi against the U.S. dollar, which has led to a significant drop in fuel prices.
This move also aligns with a recent directive from the Abossey Okai Spare Parts Dealers Association, which urged members to reduce the prices of auto parts in response to the improved exchange rate.
Speaking on Morning Starr with Naa Dedei Tettey, the General Secretary of the GRTCC, Emmanuel Ohene Yeboah, explained the rationale behind the decision.
He said, “You see, if you take a careful look at the economy, the way it runs, transport cost cuts across every economic sector. Anytime transport costs increase, everybody tries to adjust to the way it works. So, doing this is to urge people also to come down with their prices, because the argument is that it’s too expensive. So, everybody is reluctant to come down on the prices. And we know that, at the core, there’s one thing, the public is also calling on us to do that sort of reduction. We can’t turn a deaf ear to their call, because we are partners.”
Mr. Yeboah emphasized that the drop in fuel prices had gone beyond the threshold that necessitates fare adjustments, prompting the Council to take action.
“…And obviously, we also know that at least it’s the time that we can do something about it, given the fact that the fuel has been reduced above the threshold that we need to do the reduction. So, that’s why we decided to do it and to also motivate other players to do the same, especially ourselves. The market women, and all that, so that everybody at least will also see what we have done, it will keep other agencies or departments or whatever players also coming down. So, that’s why we did that.”
