The Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has argued that reducing taxes on petroleum products will not negatively affect the 2026 Budget, despite rising concerns over fuel prices.
In a Facebook post on Friday, April 3, he stated that government has enough fiscal room to accommodate any revenue losses that may arise from cutting fuel-related levies.
Dr Amin Adam noted that demands from civil society groups and the Ghana Private Road Transport Union for tax relief are reasonable, especially given the steady increase in fuel prices over recent weeks.
He explained that such a move would ease pressure on consumers without undermining the country’s economic stability.
The former Finance Minister also pointed to gains being made from rising global crude oil prices, suggesting that government has not fully disclosed this development to the public.
“What the government has not told Ghanaians is that it has been gaining from the increase in international crude oil prices since the US-Israel-Iran war started,” he said.
Referring to projections in the 2026 Budget Statement, Dr Amin Adam indicated that Ghana’s benchmark crude oil price was set at $76.22 per barrel, with expected production of 37.95 million barrels.
However, with global prices climbing above $100 per barrel for much of March 2026, he believes the country stands to earn significant additional revenue.
According to him, these gains could exceed GH¢8 billion, providing a cushion that can absorb any shortfall from reduced petroleum taxes.
He therefore urged government to take decisive action, maintaining that lowering fuel taxes would not disrupt the execution of the 2026 Budget.
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