A former Finance Minister, Mohammed Amin Adam, has called on government to reduce taxes on petroleum products, arguing that current oil revenue gains provide sufficient fiscal space for the move.
The Karaga MP, who also serves as Ranking Member on Parliament’s Finance Committee, made the appeal in response to rising fuel prices and growing public pressure for intervention.
In a Facebook post on Friday, April 3, Dr Amin Adam stated that government is benefiting from elevated crude oil prices on the international market, creating a buffer that can absorb potential revenue losses from tax reductions.
He noted that the 2026 Budget was based on a benchmark crude oil price of $76.22 per barrel and projected output of 37.95 million barrels. However, actual prices have exceeded $100 per barrel for much of March, generating higher-than-expected revenues.
“This means government is gaining additional windfall revenue of more than GH¢8 billion this year,” he said, suggesting that the surplus should be used to ease the burden of high fuel costs on citizens.
Dr Amin Adam maintained that cutting petroleum levies under current conditions would be both necessary and fiscally sustainable.
He urged government to act swiftly, stressing that the additional oil revenue can fully offset any shortfall in fuel tax collections while providing relief to consumers.
