A coalition of policy and energy think tanks has called on government to reduce petroleum prices by GHC1.65, arguing that the move would offer immediate relief to consumers grappling with rising living costs.
The proposal was jointly issued by IMANI Africa, COPEC Ghana, INSTEPR, and Institute for Energy Security.
The recommendation follows a directive by President John Dramani Mahama, who tasked the Ministries of Energy and Finance to review the petroleum price build-up and propose possible reductions in taxes, levies, and margins.
In a statement dated Tuesday, April 14, 2026, the coalition stressed that any reduction should be based on a comprehensive restructuring of the pricing formula rather than temporary or ad hoc interventions.
“We propose a cumulative reduction of GHC1.65 from the current petroleum price build-up,” the statement said.
The think tanks further recommended that the price reduction should remain in place for at least two months, instead of the four-week period reportedly under consideration by government.
According to them, a longer duration would provide greater stability for households and businesses, allowing them to better plan and absorb economic pressures during what they described as “difficult and uncertain times.”
They argue that a two-month window would also give policymakers sufficient time to monitor global oil market trends and assess the sustainability of the intervention before making further adjustments.
Addressing concerns about the potential impact on government revenue, the coalition maintained that the proposed reduction would not significantly strain Ghana’s fiscal position.
They pointed to anticipated gains from crude oil exports, suggesting that increased revenues from the international market could help offset any short-term losses from reduced fuel taxes and levies.
The groups also hinted that inefficiencies within the current pricing structure could be streamlined to create additional fiscal space without compromising revenue targets.
The call comes at a time of heightened public concern over fuel prices, which remain a major driver of transport fares and food inflation across the country.
Transport operators have repeatedly cited fuel costs as justification for fare hikes, while traders continue to pass on increased transportation costs to consumers, contributing to the rising cost of essential goods.
Economists warn that without targeted interventions, persistently high fuel prices could undermine efforts to stabilise inflation and erode disposable incomes.
While the immediate focus is on reducing pump prices, the coalition emphasised the need for broader, long-term reforms to Ghana’s petroleum pricing regime.
They called for greater transparency in the price build-up, a review of taxes and margins, and the introduction of mechanisms to cushion consumers against global oil price volatility.
According to the groups, such structural reforms would help prevent recurring price shocks and ensure a more predictable and sustainable pricing system.
Government is yet to announce its final decision following the President’s directive, but expectations are high that any adjustment will seek to balance consumer relief with fiscal sustainability.
The coming days are likely to be critical as stakeholders await the outcome of the ongoing review, which could have far-reaching implications for inflation, business costs, and overall economic stability in Ghana.
Source: Wesleyannews.com
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