ACCRA (Reuters) - Ghana partially removed fuel subsidies on Sunday, just three months after reintroducing them, to cut spending and restore macro stability. The west African country, an exporter of cocoa, gold and oil, is grappling with a persistent budget deficit and rising public debt, while the local cedi currency has slumped 30 percent since January. Ghana's government reintroduced fuel subsidies in April, without announcing the action, and the head of the Chamber of Bulk Oil Distributors told Reuters in June it had spent around $85 million since then in extra payments. [ID:nL6N0P05C0] The government has been under pressure from the International Monetary Fund and ratings agencies to cut spending and restore fiscal stability, and officials have indicated that cutting subsidies might be a way to achieve this. The end of the subsidies, which will take effect on Monday, will cause premium petrol to rise 23 percent per litre to 3.36 cedis (US$1.02). The cost of diesel and liquefied petroleum gas will rise 22 percent and 15.7 percent respectively, according to a statement by the National Petroleum Authority. The price of aviation turbine fuel will, however, go down 1.9 percent to 1.03 cedis. Energy Minister Emmanuel Armah Kofi Buah said in an interview, "These new prices mean that we have removed the subsidy relating to the price of the products as a first step. We are also taking a look at the rest of the subsidy, which covers foreign exchange differentials." He said the government was spending around 85 million cedis bi-weekly on total fuel subsidies. Last month, the country suffered a severe fuel shortage that lasted for a week, because the government delayed payments to importers to cover the gap built up due to its fuel subsidies.[ID:nL6N0P84JA] (3.31 cedies = US$1)