By Nadia Ntiamoah
President John Dramani Mahama has moved to calm growing public concern over rising fuel prices, assuring Ghanaians that the country faces no immediate threat of petroleum shortages despite escalating tensions in the Middle East.
Speaking at the 2026 Kwahu Business Forum in Mpraeso, the President disclosed that Ghana currently holds sufficient petroleum reserves to last at least six weeks, with continuous replenishment efforts underway to maintain supply stability.
His remarks come at a time when global crude oil prices have surged following the intensifying conflict involving the United States and Israel against Iran, a development that has begun to impact fuel prices locally.
Addressing the situation, President Mahama stressed the importance of economic resilience in the face of unpredictable global shocks.
He acknowledged the volatility triggered by the conflict but maintained that Ghana’s economic framework remains strong enough to withstand such external pressures.
According to him, beyond the six weeks of petroleum reserves, Ghana also maintains approximately six months of export cover, providing an additional buffer to safeguard the economy from external disruptions.
He emphasised that while reserve stocks are being utilised, government is simultaneously working to replenish them to avoid any supply gaps.
In response to the sharp increase in fuel prices, the President revealed that he has convened an emergency Cabinet meeting to evaluate the situation and consider immediate interventions to cushion consumers.
He indicated that government is exploring adjustments within the fuel pricing structure, particularly margins and levies, to stabilise pump prices while the global situation remains uncertain.
“The government remains fully committed to easing the burden on citizens,” he said, noting that Cabinet will review the entire fuel price build-up and propose targeted relief measures for households and businesses.
Fuel prices in Ghana have risen significantly since April 1, 2026, with petrol increasing by about 15 per cent to around GH¢13.30 per litre, while diesel has gone up by nearly 19 per cent to approximately GH¢17.10 per litre, according to the National Petroleum Authority.
The hikes are among the steepest recorded in recent months and are largely attributed to global supply disruptions and rising crude oil costs.
Although the relative stability of the cedi has helped moderate the full impact, concerns remain over possible ripple effects on transport fares and inflation.
However, the President commended transport operators for exercising restraint by holding fares steady despite the increases, describing their cooperation as crucial in preventing further economic strain.
Reinforcing confidence in the economy, President Mahama dismissed fears of a potential downturn, stating emphatically that the economy would not collapse as a result of the Middle East conflict.
