President John Dramani Mahama has indicated that government could step in to cushion Ghanaians from rising fuel costs if volatility in the global crude oil market persists.
Speaking during a high-level engagement with Civil Society Organisations at the Jubilee House, the President said the pressure on domestic fuel prices is being driven largely by external developments rather than weakness in the local currency.
“The push factor in the oil price buildup is not coming from the currency, because happily the currency is remaining stable.
“My hope is that sooner than later this war will come to an end and we’ll see more stable fuel prices. But if it doesn’t, we will look at the margins and the development levy to try and cushion consumers.” - President John Dramani Mahama
His remarks signal a possible fuel price intervention if global supply disruptions continue to push up crude and refined product prices.
Stable cedi helps absorb early shocks
President Mahama noted that the relative stability of the Ghana cedi has so far helped soften the impact of rising global oil prices.
With the local currency recently strengthening to around GH¢10.50 to the dollar, Ghana has been able to absorb part of the shock without severe increases at the pumps.
However, he warned that this buffer may not be enough if geopolitical tensions continue to disrupt international energy markets.
Government, he said, is prepared to review key components of the petroleum price buildup, including existing industry margins and the recently introduced one-cedi development levy, if necessary.
Fuel costs seen as key inflation trigger
The President linked the issue directly to inflation, describing fuel prices as one of the biggest cost drivers in the Ghanaian economy.
When transport costs rise, he noted, the impact quickly spreads through the prices of food and other essentials, placing greater pressure on households already dealing with the cost of living.
By potentially adjusting internal levies and pricing margins, government hopes to reduce the ripple effect from global oil shocks to local transport fares and market prices.
Beyond inflation management, the proposed intervention is expected to provide relief for both consumers and businesses. Stable pump prices could help households preserve more disposable income, while also reducing operating pressure on transport operators, traders and logistics firms.
The move also reflects a broader effort to maintain economic resilience as Ghana navigates global uncertainty while gradually building long-term alternatives in the energy and transport sectors.
