The Ranking Member on Parliament’s Finance Committee, Dr Mohammed Amin Adam, has stated that reducing taxes on petroleum products will not adversely affect the 2026 Budget, amid growing public pressure over rising fuel prices.
In a Facebook post on Friday, April 3, he argued that government has sufficient fiscal space to absorb any potential revenue shortfalls.
According to Dr Amin Adam, calls by civil society organisations and the Ghana Private Road Transport Union for a reduction in fuel-related levies are justified, particularly as pump prices have increased steadily over the past month.
He maintained that such interventions would provide relief to consumers without undermining the country’s fiscal stability.
He further revealed that government is currently benefiting from higher international crude oil prices, which have surged above projections captured in the 2026 Budget Statement.
“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 in a Facebook post on Friday, April 3.
Citing figures from the budget, the former Finance Minister noted that Ghana’s benchmark crude oil price was projected at $76.22 per barrel, with an estimated output of 37.95 million barrels.
However, with global prices exceeding $100 per barrel for most of March 2026, he indicated that government is likely to realise windfall revenues exceeding GH¢8 billion this year.
Dr Amin Adam stressed that the additional revenue from crude oil exports can offset any losses from reducing petroleum taxes.
He therefore urged government to act swiftly, insisting that easing the tax burden on fuel would not compromise the implementation of the 2026 Budget.
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Source: www.myjoyonline.com