Petroleum tax reduction will not affect 2026 budget - Amin Adam tells gov't
Dr Mohammed Amin Adam, Ranking Member on Parliament's Finance Committee, argued on Friday, April 3, in a Facebook post, that reducing taxes on petroleum products will not negatively affect the 2026 Budget. 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, given the steady increase in fuel prices. He explained that such a move would ease pressure on consumers without undermining the country's economic stability. He said, "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."
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. He believes the country stands to earn significant additional revenue, as global prices climbed above $100 per barrel for much of March 2026. According to him, these gains could exceed GH¢8 billion, providing a cushion that can absorb any shortfall from reduced petroleum taxes. He urged government to take decisive action, maintaining that lowering fuel taxes would not disrupt the execution of the 2026 Budget.
Quick Summary
Dr. Mohammed Amin Adam says reducing petroleum taxes won't affect the 2026 budget- despite concerns about rising fuel prices. He claims the government has undisclosed revenue gains that could offset potential losses- but what are they?
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