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    Employ targeted-subsidized systems to check macro-economic challenges – Prof. Quartey

    Inflation in Africa: Some subsidy programs prolonging situation – Jeff Gable

    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    BoG, CSA deepen collaboration to fight cyber threats

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    Intravenous Infusions PLC records 10% growth in profit in 2021

    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Cedi Summit comes off today at Alisa Hotel

    BoG’s supply of dollars to BDCs drops from 85% to 21% within 3 months – CBOD

    Societe Generale Ghana launches new ‘boafo loan product’ assist MSMEs

    CBOD calls for a more structured supply of Forex for petroleum products

    Bank of Namibia Governor pays courtesy call on BoG Governor

    DBG funds will not be used to buy gov’t securities – Deputy CEO assures

    Producer Price Inflation rises again to hit 33.5% in May 2022

    #CitiBusinessFestival: Garment industry needs financial support to thrive – Cyndex CEO

    Ghana tops list of countries with cheapest cost of electricity in West Africa

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    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

    Chamber of Telecommunications calls for more investment into Technology to improve livelihoods

    Citi Business Festival: Address lack of financial data challenges using MoMo – Rufai Abdul Majeed

    Citi Business Festival: Acquiring digital skills key to securing employment – Maximus Ametorgoh

    Bank of Ghana commences piloting of digital currency in Sefwi Asafo

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    Regional economic cooperation needed to enhance Africa’s competitiveness – Bawumia

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

    Modern airline tickets design with flight time and passenger name. Plane tickets vector pictogram. Airline boarding pass template. Vector illustration. The concept of air transportation

    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Manage expectations from oil proceeds in mid-year budget – IES to Gov’t

byLawrence Segbefia
June 23, 2020
in Local Economy, Oil And Gas, Top Stories
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The Institute of Energy Security, IES, has advised government to benchmark expected revenue from petroleum receipts around 35 dollars per barrel.

The 2020 national budget pegged petroleum prices for export at 60 dollars per barrel. However, the outbreak of COVID-19 caused prices of crude oil on the world market to drop to as low as 20 dollars per barrel.

According to IES, the presentation of the Mid-Year Budget in July, should provide an opportunity for the Finance Minister, Ken Ofori-Atta, to adjust the figures downwards.

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In the 2020 budget, government was hopeful of raising about 1.2 billion cedis from the export of petroleum products.

But with the outbreak of COVID-19, the Finance Minister will be compelled to review the prices downward.

Speaking to Citi Business News, the Executive Director of IES, Nana Amoasi VII (the seventh), said the Finance Minister must be realistic in making projections not to throw the budget out of gear.

“No one saw the COVID-19 pandemic coming. And it has really suppressed demand for crude oil and fuel around the globe. If there is less demand for a commodity, the price will likely fall. And that is what we see today as oil is hovering around the $40 per barrel mark. We went as low as 25 to 20 dollars per barrel at a point because we were on lockdown. Thanks to the easing of restrictions and the agreement by OPEC members to cut back on production, we are just around the 40-dollar mark,” he said.

Cautioning the Finance Minister not to balloon revenue expectations from oil, Nana Amoasi VII (the seventh) said there is likely to be a second wave of the spread of COVID-19 as borders are reopening across the globe.

He maintained that it may take two years for oil prices to return to pre-COVID times, hence the need for government not to expect to make significant returns from oil in the interim.

“Now we have seen the easing of the lockdown. And some experts tell us that there is a likelihood of a second wave of COVID. If there is, then of course we will go back to lockdown and the same protocol we were observing from the beginning of COVID. This means that the price will also fall again and that will impact on government revenue in Ghana. We need to be careful about what we project in July when the Finance Minister visits Parliament,” he said.

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