The Cabinet is scheduled to convene this afternoon (Thursday, April 9) to discuss measures aimed at mitigating the impact of rising fuel prices on Ghanaians, primarily due to ongoing tensions in the Middle East.
The meeting will be presided over by President Mahama, who has recently returned from a fruitful visit to France, where he co-chaired the 2026 One Health Summit alongside French President Emmanuel Macron and participated in high-level diplomatic discussions.
The government is pursuing immediate actions to relieve the financial strain on households and businesses.
Last week, Fitch and President Mahama indicated that Ghana’s economy possesses the resilience necessary to endure any shocks resulting from the increase in crude oil prices.
The meeting is anticipated to propose practical measures to stabilize fuel prices and alleviate their impact on the Ghanaian economy.
President John Dramani Mahama initially announced the Cabinet meeting during his address at the 2026 Kwahu Business Forum on April 4, 2026.
The President discussed the repercussions of the escalating conflict involving the United States, Israel, and Iran on petroleum prices.
Despite the surge in global crude oil prices caused by geopolitical tensions, President Mahama underscored the strength of Ghana’s strategic buffers.
He disclosed that the country currently maintains six weeks’ worth of petroleum stocks and a substantial six months’ worth of export cover. The President highlighted that these reserves, along with ongoing replenishment efforts, guarantee that the “pumps will not run dry.”
“As we have consistently stated, shocks will occur, and it is impossible to predict these external events. Nevertheless, it is essential to construct an economy that is sufficiently resilient to withstand them,” the President remarked. “I acknowledge that Iran and Israel are in conflict, but thus far, our economy has demonstrated remarkable resilience.”
The President rejected concerns regarding a potential economic collapse instigated by the conflict, affirming that the government’s fiscal buffers are functioning as intended.
Despite the consistent supply, the President recognized the significant strain that elevated prices are imposing on the populace. Since the pricing window that commenced on April 1, 2026, fuel prices have escalated:
The price of petrol has risen by 15 percent, now costing GHC13.30 per litre. The price of diesel has increased by 19 percent, currently priced at GHC17.10 per litre.
In response to these “sharp” hikes, the President declared that he had summoned an emergency Cabinet meeting. The agenda will concentrate on examining the fuel price structure and pinpointing specific margins or levies that could be modified to offer immediate assistance.
“I have convened this emergency cabinet meeting to determine specific actions we can implement to alleviate the burden of petroleum prices,” Mahama stated.
“There are modifications we can undertake, especially regarding the margins, to help sustain relatively stable prices as we hope for the cessation of the conflict.
