There is no imminent fuel shortage – Mahama assures Ghanaians amid Iran conflict

President John Dramani Mahama has moved to reassure Ghanaians amid growing concerns over a possible fuel shortage triggered by the ongoing conflict in Iran, stating that the country has adequate petroleum reserves to last for at least six weeks.

Speaking at the 2026 Kwahu Business Forum held in Mpraeso, the President emphasized that Ghana is not at risk of running out of fuel. He added that the government is actively taking steps to secure additional petroleum supplies even as existing reserves are being utilized.

Addressing the broader economic implications of global instability, President Mahama reiterated the importance of building a resilient economy capable of withstanding external shocks. He noted that while global events such as the conflict involving Israel and Iran are unpredictable, Ghana’s economy has so far demonstrated notable resilience.

“As we have always said, shocks will come and you cannot always predict these external events. However, you must build an economy that is resilient enough to withstand them,” he stated. “I know Iran and Israel are fighting, but so far, our economy has shown remarkable resilience.”

He further disclosed that Ghana currently has six months of export cover and approximately six weeks’ worth of petroleum stock, assuring citizens that there is no immediate threat to fuel availability. “Even as we utilise the reserve stock, we are simultaneously replenishing it,” he added.

In response to rising fuel prices, President Mahama revealed that he has convened an emergency cabinet meeting to deliberate on measures aimed at cushioning consumers. He indicated that the government is considering targeted interventions, particularly adjustments within the fuel pricing structure, to help stabilise 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,” he 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.”

The President reaffirmed his administration’s commitment to easing the financial burden on citizens, noting that the cabinet will review various components of the fuel price build-up, including taxes and levies, to determine possible relief options.

“I can confidently tell you that the economy will not collapse because of the war in Iran,” he stressed, reinforcing confidence in Ghana’s economic stability.

Fuel prices in Ghana saw a sharp increase effective April 1, 2026, largely driven by escalating tensions in the Middle East that have pushed global crude oil prices upward. According to the National Petroleum Authority, petrol prices rose by approximately 15% to around GH¢13.30 per litre, while diesel prices increased by about 19% to about GH¢17.10 per litre for the April 1–15 pricing window.

This marks one of the steepest fuel price hikes in recent months and reflects broader international market pressures, including supply disruptions and rising crude oil costs linked to geopolitical tensions.

Although the relative stability of the Ghanaian cedi has helped cushion some of the impact, the increases have sparked concerns about rising transportation costs, inflation, and the overall cost of living.

The government is therefore exploring options such as reducing fuel margins and levies as part of a broader strategy to mitigate the impact on consumers while maintaining economic stability.