The 2025 Budget may have tackled tax reforms and economic recovery plans, but one critical issue was left unanswered—fuel prices. According to Mark Badu Aboagye, CEO of the Ghana National Chamber of Commerce and Industry (GNCCI), the budget failed to outline any clear strategy to address fuel costs, which he says have a direct impact on inflation, business costs, and everyday life.
“Fuel prices drive almost everything up, and I didn’t hear anything significant on how they are going to bring these prices down,” he said in an interview with The High Street Journal.
Badu Aboagye warned that without measures to stabilize fuel costs, businesses will continue to struggle, as rising transportation and production expenses will be passed on to consumers. With Ghana aiming for 11.9% inflation in 2025, he believes ignoring fuel prices could make this target difficult to achieve.
The GNCCI CEO also raised concerns about the cedi’s depreciation, saying that fuel imports and rising global prices will further strain businesses. He stressed that the government must take decisive steps to reduce energy costs, as they play a crucial role in shaping inflation and economic stability.
Ghana’s fuel prices have seen notable fluctuations in recent months, with a mix of increases and reductions shaping the market. In March 2025, fuel prices dropped for the second consecutive time, bringing some relief to consumers. Total Energies led the trend, lowering both petrol and diesel from GH₵15.99 to GH₵15.79 per litre. Similarly, Shell reduced petrol prices from GH₵15.89 to GH₵15.72 per litre and diesel from GH₵15.99 to GH₵15.77 per litre.
Despite these reductions, food prices remain high, with traders attributing the situation to broader structural issues rather than fuel costs.
The March price drop follows a period of increases in February 2025, when fuel prices rose for the third consecutive time. Major oil marketing companies (OMCs) adjusted their prices upwards, with Shell increasing petrol prices from GH₵15.59 to GH₵16.23 per litre and diesel from GH₵15.79 to GH₵16.20 per litre.
The recent decline in fuel prices has been linked to falling global crude oil prices and a slight depreciation of the Ghanaian cedi against the US dollar. However, businesses and consumers continue to monitor the market closely, as fuel remains a major driver of inflation and economic activity.
While Badu Aboagye acknowledged some positive aspects of the budget, such as tax cuts and considerations for VAT reforms, he urged the government to provide clear policies on fuel pricing to ease pressure on businesses and households.
