President John Dramani Mahama has convened an emergency Cabinet meeting to address the sharp rise in fuel prices, as escalating tensions in the Middle East continue to drive up global petroleum costs and impact Ghana’s economy.
Speaking on the second day of the Kwahu Business Forum 2026 on Saturday, April 4, President Mahama said the meeting would focus on identifying urgent and practical measures to cushion consumers against the surge in fuel prices.
“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. 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 stated.
The President emphasized that government remains committed to protecting both households and businesses from the full impact of rising fuel costs. According to him, Cabinet will review the entire fuel price structure and consider targeted relief interventions.
Fuel prices have increased significantly since April 1, with petrol rising by about 15 percent to around GH¢13.30 per litre, while diesel has climbed nearly 19 percent to approximately GH¢17.10 per litre. Data from the National Petroleum Authority indicates that these hikes are among the steepest in recent months, largely driven by higher global crude oil prices and supply disruptions linked to the Iran conflict and broader Middle East instability.
Despite these pressures, President Mahama reassured the public of the economy’s resilience. “I can confidently tell you that the economy will not collapse because of the war in Iran,” he stressed.
He also praised transport operators for maintaining stable fares despite rising fuel costs, noting that their restraint has helped prevent a broader increase in the cost of living.
“I want to express my sincere gratitude to the transport unions for their patience and understanding. We did not anticipate this situation, but they have held off on increasing fares. I am confident they will continue to exercise restraint as we work together to improve the situation,” he added.
The recent fuel price hikes have sparked concerns over potential inflation, particularly in transport and food sectors. However, the relative stability of the Ghanaian cedi has helped moderate the overall impact.
Government is reportedly exploring options such as adjusting fuel margins and levies as part of broader efforts to stabilize prices while global market conditions remain uncertain.
