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Dr. Mohammed Amin Adam, the Ranking Member on Parliament’s Finance Committee, has asserted that lowering taxes on petroleum products will not negatively affect the 2026 Budget, despite rising public concern over increasing fuel prices. In a Facebook post on Friday, April 3, he emphasized that the government has enough fiscal flexibility to absorb any potential revenue losses.
Dr. Amin Adam acknowledged the legitimacy of calls from civil society organizations and the Ghana Private Road Transport Union for a reduction in fuel-related levies, especially given the steady rise in pump prices over the past month. He argued that such a move would provide relief to consumers without threatening the country’s fiscal stability.
The former Finance Minister also revealed that the government is benefiting from higher international crude oil prices, which have surpassed the projections in the 2026 Budget.
According to the budget, Ghana’s benchmark crude oil price was set at $76.22 per barrel, with an estimated output of 37.95 million barrels. However, global oil prices have exceeded $100 per barrel for much of March 2026. Dr. Amin Adam noted that this surge is likely to generate windfall revenues exceeding GH¢8 billion this year.
He emphasized that the additional revenue from crude oil exports could easily compensate for any losses incurred from reducing petroleum taxes. Dr. Amin Adam urged the government to take swift action, assuring that easing the fuel tax burden would not disrupt the implementation of the 2026 Budget.
Story:Efua Nessa
Source:Loco tv