July 05 2018 – THE The South African government is seeking to be part of oil exploration and exploitation in Ghana to mitigate the skyrocketing fuel prices in the country.
President Cyril Ramaphosa made the statement during a press briefing at the Union Buildings after he met with his Ghanaian counterpart Nana Akufo-Addo. The west African leader and his cabinet are in South Africa on a one-day official state visit.
Ramaphosa said Akufo-Addo had informed him of a new oil exploration block that Ghana was starting‚ saying South Africa would take advantage of the invite.
This comes as South Africa was in the middle of unprecedented fuel price increases‚ blamed on rand/dollar exchange rates and the oil prices.
Ramaphosa said government had little power to halt the ever-increasing fuel costs.
“South Africa‚ unfortunately‚ imports oil. As such‚ in the end‚ we are subject to price fluctuations of dollar exchange rates and oil prices because we are price-takers and therefore vulnerable in that regard‚” said Ramaphosa.
He also pleaded to retailers and food producers who were considering increasing prices of their products due to fuel hikes‚ asking them to wait as government is working on finding a solution. -Sowetan