Dr Mohammed Amin Adam, Member of Parliament for Salaga and former Finance Minister under President Nana Akufo-Addo, has urged the government to heed growing calls for a reduction in petroleum taxes, arguing that a windfall from higher global crude prices makes such relief entirely affordable.
In a detailed Facebook post, Dr Adam noted that civil society organisations and the Ghana Private Road Transport Union (GPRTU) have stepped up pressure on the government to slash levies on petroleum products as pump prices have continued to climb over the past month.
What the public has not been told, he said, is that the government itself has been the biggest beneficiary of the sharp rise in international crude oil prices triggered by the US-Israel-Iran conflict.
According to the 2026 Budget Statement on page 100, the government projected a benchmark crude oil price of $76.22 per barrel for Ghana’s oil exports, with an expected output of 37.95 million barrels (equivalent to 103,959.78 barrels per day) for the government’s share.
“Crude oil prices have been above $100 per barrel for most of March 2026,” Dr Adam pointed out, “which is significantly above the 2026 Budget projection.”
He estimates that at current prices, the government stands to gain an additional windfall revenue of more than GH¢8 billion this year from its share of crude oil exports.
This unexpected revenue, he argued, means the calls for tax relief on petroleum products are not only justified but fiscally responsible.
“The calls for Government to intervene by reducing the levies/taxes on petroleum products are therefore well placed as this will not adversely affect the 2026 Budget,” Dr Adam stated. “Revenue shortfalls from reducing petroleum taxes will be recovered from the new additional revenue from Ghana’s share of crude oil exports.”
He concluded with a direct appeal: “Government must act now.”
The intervention comes as ordinary Ghanaians, commercial drivers and businesses continue to absorb the pain of higher fuel costs that have fed into transport fares, food prices and the general cost of living.
By highlighting the oil windfall, Dr Adam is making a clear case for prudent fiscal management: when the state enjoys unexpected gains, those benefits should be shared with citizens through targeted relief rather than being locked away while households and enterprises struggle.
Such an approach would ease pressure on the productive sectors of the economy without compromising the overall budget targets, demonstrating the kind of practical governance that puts people first while maintaining fiscal discipline.
With the April 2026 fuel price adjustments already biting, many are watching to see whether the government will move swiftly to translate the oil bonanza into tangible relief at the pumps.
