The Ghana Road Transport Coordinating Council has announced 5% reduction in transport fares following the reduction of fuel prices by 10%.
There were calls for a corresponding reduction in transport fares to reflect new fuel prices.
The Ghana Private Road Transport Union (GPRTU) and others initially rejected those calls insisting that the transport fares are not only influenced by the cost of fuel.
The transport owners, however, have beaten a retreat by reducing transport fares by half of the rate reduction in the fuel prices.
A source close to the GRTCC said calculations are being done and the list of current transport fares will be released soon.
The new fares are expected to take effect from Friday, January 8, 2015.