Mahama: Fall in oil prices puts adverse effects on Ghana
President Mahama told Ghanaians that may be Ghana will face enormously bad circumstances in the oil export sectors and infrastructures development if the prices of oil would not stop collapsing intensely in the whole wide world. The President thinks that this situation will be hit negatively to country’s revenue in construction plans of roads, hospitals, schools and many others. Because of this trend oil prices were falling, approximately $ 55 according to the world market.
Apparently it sounds good that oil rates are decreasing, which seems great in economic development and growth that give many advantages like bundle of money and profits to automobile producers and motorists. Next year the oil prices rate decrease as 0.7 percent and 0.8 percent in 2016 The International Monetary Fund (IMF) told.
Although, the young businessmen, manufacturers, producers and exporters of petroleum are worried from the off shore Jubilee field are the main huge sources of stat’s revenue. Moreover, the exports of The West Africa use about 100000 barrels each day.
Mahama said, to the Council of state that decreasing rate of oil prices will put adverse effects on Ghana’s petroleum sectors, at their end of year meeting.
He said further, if it will decrease continuously then our annual budget funding money, money use for national income, money that use for expenditures and capital revenue all will also decrease with the slump in oil prices. And the ruling National Democratic Congress also projected in the budget of 2015 to bag GHc 4.2 billion, $ 1.3 billion in oil revenues.
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