A former Finance Minister, Dr Mohammed Amin Adam, has called on government to reduce taxes on petroleum products.
The Karaga MP insisted that the move will not derail the 2026 Budget due to increased oil revenues. He made the remarks in response to rising fuel prices and renewed calls for intervention.
In a Facebook post Friday, April 3, Dr Amin Adam, who also serves as Ranking Member on Parliament’s Finance Committee, said government is currently enjoying significant gains from elevated crude oil prices on the international market.
He argued that these gains provide a buffer that can support tax reductions without creating fiscal gaps.
He pointed out that the 2026 Budget projected a benchmark crude oil price of $76.22 per barrel and output of 37.95 million barrels.
However, actual prices have remained above $100 per barrel for much of March, creating a substantial revenue upside for the country.
“This means government is gaining additional windfall revenue of more than GH¢8 billion this year,” he stated, adding that the extra inflows should be used to cushion Ghanaians against rising fuel costs.
The Finance Committee Ranking Member maintained that reducing petroleum levies is both necessary and sustainable under current conditions.
He urged government to respond promptly to public concerns, emphasising that the additional oil revenue can fully compensate for any reductions in fuel tax collections.