Ghana can cut fuel taxes due to GHS8 billion oil windfall
Ghana can reduce petroleum taxes without harming the 2026 Budget. This is due to unexpected revenue from high crude oil prices. Dr Mohammed Amin Adam, from Parliament’s Finance Committee, says this will give GHS8 billion extra revenue. This amount can cover any tax cut losses. The benchmark crude oil price in the 2026 Budget was $76.22 per barrel. But prices have been over $100 per barrel. This...
Ghana’s government can cut petroleum taxes without affecting the 2026 Budget. This view comes from Dr Mohammed Amin Adam, a member of Parliament’s Finance Committee.
He says high crude oil prices are leading to more revenue than expected. The 2026 Budget used a crude oil price of $76.22 per barrel. However, prices have gone above $100 per barrel for much of March 2026.
This means Ghana will earn over GHS8 billion more in revenue. This extra money gives the government room to cut fuel taxes. Such cuts would not hurt the budget goals.
Rising fuel prices have increased costs for households and businesses. Groups like civil society organizations and the Ghana Private Road Transport Union have asked for tax relief.
Ghana’s financial position is stronger than previously announced. This is mainly because of oil prices being higher than planned.
Source: StatsGH — Ghana's data-driven news platform