Managing Director of the Intercity STC Coaches Limited, Nana Akomea has bemoaned the high cost of fuel as a major factor militating against the profitability of STC.
According to him, in the past 12 months, fuel prices have been increased by 40% making and yet as a public transport service provider, STC has only increased transport fares by 13% within the period.
The STC boss expressed his disgust at the turn of events in the New Patriotic Party (NPP) where he is a major chieftain. He was speaking on Accra -based Metro TV’s ‘Good Morning Ghana’ program.
Nana Akomea also lamented that the continuous closure of land borders as a result of COVID-19 has affected the operations of the STC as well. The negative impact from this has been a revenue loss of GHS2.4 million monthly.
The revelation comes as a new 2.59% increase in fuel prices has led to announcements by the GPRTU that it will increase transport fares from October 25. The situation has not been helped by the continuous depreciation of the cedi against major trading currencies.
But Nana Akomea said that as a measure of mitigation, STC is engaging the Minister of Finance for some form of relief to keep the organization afloat.
The government, he added, is also considering putting measures in place that will lead to a gradual re-opening of the country’s land borders.