President John Dramani Mahama has moved to quell public anxiety over potential fuel shortages, assuring Ghanaians that the country maintains sufficient petroleum reserves to weather the volatility currently gripping global energy markets.
Speaking at the 2026 Kwahu Business Forum on April 4, the President addressed the fallout from the escalating conflict involving the United States, Israel, and Iran.
While the geopolitical tension has sent global crude oil prices soaring, President Mahama emphasised that Ghana’s strategic buffers are robust.
He revealed that the nation currently holds six weeks of petroleum stocks and a significant six months of export cover. The President noted that these reserves, coupled with active replenishment efforts, ensure that the “pumps will not run dry.”
“As we have always said, shocks will come and you cannot always predict these external events. However, you must build an economy that is resilient enough to withstand them,” the President stated. “I know Iran and Israel are fighting, but so far, our economy has shown remarkable resilience.”
The President dismissed fears of an economic collapse triggered by the conflict, asserting that the government’s fiscal buffers are working as intended.
Despite the stability of supply, the President acknowledged the heavy burden high prices are placing on citizens. Since the April 1, 2026, pricing window, fuel costs have surged:
Petrol price has increased by 15 per cent, selling at GHC13.30 per litre.
Diesel price has increased by 19 per cent, selling at GHC17.10 per litre.
To combat these “steep” increases, the President announced he has convened an emergency Cabinet meeting. The focus will be on reviewing the fuel price build-up and identifying specific margins or levies that can be adjusted to provide immediate relief.
“I have called for this emergency cabinet meeting to decide on specific measures we can take to cushion petroleum prices,” Mahama said.
“There are adjustments we can make, particularly in the margins, to help maintain relatively stable prices as we pray for the war to cease.”
While the National Petroleum Authority (NPA) attributes the current hikes to global supply disruptions, market analysts note that the relative stability of the Cedi has prevented even more drastic increases.
However, concerns remain regarding the “knock-on” effects on transportation fares and general inflation.
The President concluded by reaffirming his confidence in the nation’s path, stating that the government remains “fully committed” to easing the cost-of-living burden and ensuring that external shocks do not destabilise Ghana’s long-term economic outlook.
Eben Agyekum-Boateng
