Cutting Fuel Taxes Won’t Impact Ghana’s 2026 Budget – Amin Adam

Accra: Former Minister of Finance, Dr Mohammed Amin Adam, has emphasized that reducing taxes on petroleum products will not negatively affect Ghana's fiscal plan for 2026. His comments come amidst mounting pressure from various transport operators, including the Ghana Private Road Transport Union, civil society groups, and driver associations, who have been advocating for the elimination of the GHS1 levy imposed on every litre of fuel. According to Ghana Web, these groups have warned that if the charge remains, transport fares are likely to increase, with the Ghana Private Road Transport Union indicating it might have to pass the additional costs onto commuters. While some government officials have suggested that it may be too early to remove the levy, Dr Amin Adam argued in a Facebook post on April 2 that current global oil market conditions allow for potential tax relief. He highlighted that the state is already benefiting from higher-than-expected crude oil prices, which have been driven up by tensions i n the Middle East. The 2026 Budget was originally based on a benchmark oil price of $76.22 per barrel, with a projected production of 37.95 million barrels. However, actual prices have exceeded $100 per barrel for most of March 2026. Dr Amin Adam pointed out that this trend is generating substantial additional revenue for Ghana, estimating a windfall of over GHS8 billion for the year. He asserted that any potential revenue loss from reducing petroleum taxes could be compensated by these gains from crude oil exports, supporting calls for a reduction in fuel levies. He urged the government to take immediate action to alleviate the burden on consumers who are grappling with rising fuel costs.