The Africa Sustainable Energy Centre (ASEC) has commended government’s decision to remove selected taxes and margins on petroleum products, describing it as a timely response to ongoing global energy pressures.
In a statement issued by its Executive Director, Justice Ohene-Akoto, the Centre said the measure is expected to provide some relief to households and businesses affected by rising fuel prices. It noted that petroleum costs continue to have wide-reaching effects on transportation, food prices and the general cost of living.
ASEC also observed that Ghana’s current fiscal position allows for such intervention, pointing to windfall revenues from crude oil exports as global prices remain above the 2026 budget benchmark of $76.22 per barrel.
Despite acknowledging the short-term benefits of the policy, the Centre stressed the need for deeper, long-term reforms within the energy sector.
It called for strengthened intra-African petroleum supply partnerships with countries such as Nigeria, the Republic of the Congo and Algeria, to reduce dependence on imports from the Middle East and improve supply security.
ASEC further highlighted the importance of restoring and modernising the Tema Oil Refinery to boost domestic refining capacity and limit exposure to external shocks.
Other recommendations included the expansion of strategic petroleum reserves, the review of oil revenue agreements, and the modernisation of infrastructure in the downstream petroleum sector.
On the long-term outlook, the Centre emphasised increased investment in renewable energy sources such as solar and wind, alongside a gradual transition to cleaner technologies. It also proposed a hybrid energy strategy that balances current fossil fuel reliance with sustainability goals, including the promotion of electric mobility.
