The International Monetary Fund (IMF) has commended the Ghanaian government’s decision to increase the Energy Sector Levy on each litre of petroleum products, describing it as a prudent measure to address energy sector debts and fiscal deficits.
At a news conference in Washington, DC, IMF Director of Communications Julie Kozack stated, “” She further emphasized its broader economic impact, saying, “This new measure will help generate additional resources to tackle challenges in Ghana’s energy sector.ng, “We also believe that this will help bolster Ghana’s ability to deal with the fiscal challenges.”
On June 5, 2025, President John Mahama signed the Revised Energy Sector Levy (Amendment) Bill 2025 after parliamentary approval.
The Ghana Revenue Authority (GRA) initially scheduled enforcement to begin on June 6, 2025, but postponed it to July 16, 2025, following concerns raised by the Chamber of Oil Marketing Companies (COMAC).
With the revised levy, petroleum product consumers will pay GH¢1.96 per litre under the Energy Sector Shortfall and Debt Repayment Levy. COMAC has warned that implementing the levy could increase the average price of petrol from GH¢11 per litre to approximately GH¢13 per litre.
Julie Kozack also revealed that the IMF Board is expected to review Ghana’s Fourth Review report under the Extended Credit Facility in early July 2025. If approved, Ghana could receive an additional US$370 million, bringing total financial support under the programme since May 2023 to US$2.355 billion.
“Ghana will have access to US$370 million, bringing the total IMF Financial Support disbursed under the programme since May 2023 to US$2.355 billion,” she stated. The disbursement will be transferred directly to the Bank of Ghana once the IMF Board gives final approval.
Since the beginning of the year, Ghanaian authorities have implemented significant policy reforms to address previous economic challenges, including strong budget restructuring, tightened monetary policies, and electricity price adjustments.
