President John Dramani Mahama has reassured Ghanaians that the country faces no immediate risk of a fuel shortage, despite rising tensions in the Middle East.
According to the President, Ghana holds sufficient petroleum reserves to last at least six weeks.
Speaking at the 2026 Kwahu Business Forum in Mpraeso, President Mahama moved to ease public concerns over the ongoing conflict involving the US and Israel against Iran, a situation that has driven up global crude prices and, in turn, domestic fuel costs.
He stressed that current stock levels, coupled with ongoing replenishment, would ensure uninterrupted supply in the short term.
“Shocks will come, and you cannot always predict external events. But you must build an economy resilient enough to withstand them,” he said.
“I know Iran and Israel are fighting, but so far, our economy has shown remarkable resilience.”
Offering further reassurance, the President noted: “We have six months of export cover and six weeks of petroleum stocks, so there is no danger of running out. Even as we use the reserve stock, we are simultaneously replenishing it.”
President Mahama also revealed that he has called an emergency Cabinet meeting to assess the impact of the conflict on local fuel prices and to consider measures to cushion consumers.
“I have called this emergency meeting to decide on specific steps we can take to ease petroleum prices while we hope the conflict ends. There are adjustments we can make, particularly in the margins, to help maintain relative stability as we pray for the war to cease,” he stated.
“The government remains fully committed to easing the burden on citizens. Cabinet will examine the various components of fuel price build-up and consider relief interventions.”
He dismissed fears that the external shock could destabilize Ghana’s economic outlook. “I can confidently tell you that the economy will not collapse because of the war in Iran,” he emphasized.
Fuel prices in Ghana have risen sharply since April 1, 2026, following the escalation of the Middle East conflict.
According to the National Petroleum Authority, petrol prices increased by about 15% to approximately GH¢13.30 per litre, while diesel rose nearly 19% to around GH¢17.10 per litre for the April 1–15 pricing window.
These hikes, among the steepest in recent months, are largely driven by global supply disruptions and rising crude prices.
While the relative stability of the cedi has helped moderate the impact, concerns persist over potential knock-on effects on transport fares and inflation.
The government is currently reviewing policy options, including adjustments to fuel margins and levies, as part of efforts to mitigate the impact on households and businesses.