Ghana slashes oil revenues forecast to GH¢1.5b

OilHit by falling oil prices, Ghana has been forced to slash its oil revenue projections to GH¢1.5 billion from GH¢4.2 billion.

In the 2015 Budget presented to Parliament in November 2014, the Ghana government forecast oil revenues at GH¢4.2 billion on average oil prices of $99.4 per barrel.

But according to the Reuters news service, citing the Finance Minister, Seth Terkper, the country now using an International Monetary Fund (IMF) projection of oil prices average at $52.8 per barrel, has slashed the forecast to GH¢1.5 billion.

Terkper also was cited to have told Parliament that oil production forecast for 2015 remained unchanged at 102,033 barrels per day.

Ghana became an oil producer in December 2010.

By Emmanuel K. Dogbevi

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