Economist Dr. Adu Owusu Sarkodie has welcomed the government's decision to purchase oil from other countries or sources, saying, that will help control fuel prices and rising inflation.

Fuel prices have shot up significantly at the pumps with petrol going for an average of ¢18 per litre, whilst diesel is selling at ¢23 per litre.

Speaking to Joy Business, Dr. Owusu Sarkodie, said the government must act fast to lessen the burden on Ghanaians.

“The President [Akufo-Addo] touched on so many things. Key among them is the high cost of living, high food and energy prices and the fact that he’s doing something about it. For example he has started negotiations with other sources of oil; other countries or companies that produce oil at a lower price and also to keep the exchange rate stable”.

“I think that will also help check the price of the fuel because we know the high cost of fuel price is driving the high cost of prices of items through high transport costs in the country”, he explained.

He pointed out that the government’s ability to control fuel prices would stabilise and subsequently reduce prices of foodstuffs and certain goods on the market.

“So if we are able to control fuel prices we would be able to control prices of so many items within the economy”.