Government has increased its 2026 projected petroleum revenue from $1 billion to approximately $1.5 billion, driven by surging global crude oil prices linked to Middle East geopolitical tensions.
Finance Minister Dr. Cassiel Ato Forson announced the revised outlook to Bloomberg, noting that the spike in export earnings will boost Ghana’s economy.
“We estimated approximately 1 billion United States dollars from the oil revenue this year going to the heritage stabilisation and annual budget funding amount,” he said.
“But that has been revised since and we expect that instead of a billion, we’ll be expecting about one and a half billion, for example.”
The revision adjusts for the gap between the 2026 budget’s original price benchmark and current market realities.
“We had earlier on the programme, the budget of 2026, assumed that the oil price would be about $70. Today it’s in excess of $90 and so there is obviously an increase,” Dr. Forson explained.
While high crude prices pressure global markets, Ghana gains crucial foreign exchange inflows.
“Since we are also an exporter of oil, the country also benefits from the high price as well,” he stated.
Dr. Forson added that even if Middle East tensions ease and prices drop, Ghana’s fiscal outlook remains protected by its conservative initial benchmarks.
“The good news is that because we had already programmed $70 or $74, a peace agreement that brings it back to $74 is to our advantage because we never anticipated that we’re going to go to $90 or $100 in any way,” he said.
The updated projections will be formally presented in the Mid-Year Budget Review this July.
By: Rainbowradioonline.com/Ghana
