The Chief Executive Officer of the Association of Ghana Industries (AGI), Mr. Seth Twum-Akwaboah, has urged the government to adjust levies and consider fiscal support for businesses as global oil prices remain elevated.

Speaking on the PM Express Business Edition, Mr. Twum-Akwaboah said: “Government would have to do the needful and take out some levies and do some adjustments to ensure stability for businesses,” underscoring concerns about the impact of rising energy costs on enterprise operations.

Oil prices have surged sharply in recent weeks amid geopolitical tensions in the Middle East, pushing global benchmarks back above the psychologically important $100 per barrel mark levels not seen since 2022.

Strong demand, supply disruptions and conflict-related risks around key shipping routes such as the Strait of Hormuz have contributed to sustained price pressure.

Analysts from major financial institutions now project that Brent crude could average over $100 a barrel this month, with occasional spikes higher if the supply situation remains volatile.

These elevated prices have ripple effects beyond energy markets, threatening broader inflation and raising costs for transportation, logistics, and manufacturing areas critical to the business community.

Mr. Twum-Akwaboah said that if oil prices continue to surge, there should be some form of tax relief or levy adjustments to cushion businesses from increased operational costs.

“We expect some tax relief if oil prices continue to surge,” he added, highlighting the need for policy responsiveness to external price shocks.

The call comes amid a complex backdrop for Ghana, a country that both produces crude oil and imports the majority of its refined petroleum products.

Rising global prices can raise government revenue on the production side, but they simultaneously increase import costs for petroleum products, a dynamic that can put pressure on local inflation and business input costs.