Reducing petroleum taxes won't affect 2026 budget - Amin Adam
Dr. Mohammed Amin Adam stated that reducing taxes on petroleum products will not adversely affect the 2026 Budget. He argued in a Facebook post on Friday, April 3, that government has sufficient fiscal space to absorb any potential revenue shortfalls.
Dr. Amin Adam said that 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 revealed that government is currently benefiting from higher international crude oil prices, which have surged above projections captured in the 2026 Budget Statement. 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."
Dr. Amin Adam noted that Ghana's benchmark crude oil price was projected at $76.22 per barrel, with an estimated output of 37.95 million barrels. He indicated that with global prices exceeding $100 per barrel for most of March 2026, government is likely to realise windfall revenues exceeding GH¢8 billion this year. He 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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Dr. Mohammed Amin Adam suggests reducing petroleum taxes won't hurt the 2026 budget, despite rising fuel prices. He claims the government benefits from higher crude oil prices - but what does this mean for the average Ghanaian?
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