President John Dramani Mahama has assured Ghanaians that the country faces no immediate risk of fuel shortages, despite escalating tensions in the Middle East that have driven global oil prices higher.
Speaking at the Kwahu Business Forum in Mpraeso, the President sought to calm growing public concern over the economic impact of the ongoing conflict involving the United States and Israel against Iran.
He emphasised that Ghana currently holds sufficient petroleum reserves to sustain the country for at least six weeks, with ongoing efforts to replenish stock levels ensuring continuity of supply.
“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,” President Mahama stated. “I know Iran and Israel are fighting, but so far, our economy has shown remarkable resilience.”
Reinforcing his message, he added that Ghana’s external buffers remain strong. “We have six months of export cover and six weeks of petroleum stocks, so there is no danger of us running out of petroleum products. Even as we utilise the reserve stock, we are simultaneously replenishing it,” he said.
In response to the rising fuel prices, the President disclosed that an emergency Cabinet meeting has been convened to assess the situation and explore interventions aimed at cushioning consumers.
“I have called for this emergency cabinet meeting to decide on specific measures we can take to cushion petroleum prices while we hope the conflict comes to an end,” he noted. “There are adjustments we can make, particularly in the margins, to help maintain relatively stable prices as we pray for the war to cease.”
He reiterated the government’s commitment to easing the burden on citizens, indicating that the Cabinet will review key components of the fuel pricing structure, including margins and levies, to provide relief.
President Mahama also dismissed fears that the geopolitical crisis could derail Ghana’s economic stability. “I can confidently tell you that the economy will not collapse because of the war in Iran,” he stressed.
Fuel prices in Ghana have surged since April 1, 2026, following the escalation of the Middle East conflict. According to the National Petroleum Authority, petrol prices rose by about 15 percent to around GH¢13.30 per litre, while diesel increased by nearly 19 percent to approximately GH¢17.10 per litre for the April 1–15 pricing window.
The sharp increases—among the highest in recent months—have been largely attributed to global supply disruptions and rising crude oil prices. Although the relative stability of the cedi has helped cushion the impact, concerns remain about possible ripple effects on transport fares and inflation.
Government officials say policy options are currently under review as part of broader efforts to mitigate the impact of rising fuel costs on households and businesses.
