Emergency Cabinet meeting called as Mahama moves to cushion fuel price hikes

President John Dramani Mahama has convened an emergency Cabinet meeting in response to the sharp rise in fuel prices driven by escalating global tensions in the Middle East.

The President announced the move on Saturday, April 4, while addressing participants on the second day of the Kwahu Business Forum 2026. He stated that the emergency meeting would focus on identifying immediate, practical interventions to ease the financial burden on 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,” President Mahama said. “There are adjustments we can make, particularly in the margins, to help maintain relatively stable prices as we pray for the war to cease.”

SURGE IN PUMP PRICES

According to data from the National Petroleum Authority, fuel prices have risen sharply since April 1. Petrol has increased by approximately 15 per cent to about GH¢13.30 per litre, while diesel has climbed by nearly 19 per cent to roughly GH¢17.10 per litre.

The increases, among the steepest recorded in recent months, have been attributed to higher global crude oil prices and supply chain disruptions linked to the ongoing conflict involving Iran and the wider Middle East region.

ECONOMY ‘WILL NOT COLLAPSE’

Despite the pressure on household budgets, the President moved to reassure Ghanaians about the underlying strength of the national economy.

“I can confidently tell you that the economy will not collapse because of the war in Iran,” he emphasised.

The government, he added, remains fully committed to shielding citizens from the full impact of the external shocks. Cabinet is expected to review the entire fuel price build-up and consider targeted relief measures, including potential adjustments to fuel margins and levies.

PRESIDENT COMMENDS TRANPORT OPERATORS

President Mahama also took the opportunity to express gratitude to transport unions for exercising restraint and holding fares steady despite the rising cost of fuel.

“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,” he said. “I am confident they will continue to exercise restraint as we work together to improve the situation.”

The President described their cooperation as critical in preventing a wider ripple effect on the cost of living.

While the latest price adjustments have raised concerns about inflationary pressures, particularly on transport and food prices, officials note that the relative stability of the cedi has helped to soften the immediate impact. —GraphicOnline