Falling oil prices will lead to stabilisation of the Cedi- Alhassan Andani

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August 31, 2015 9:53 AM

" There are pluses and minuses in the slump of petroleum prices on the international market for us.

Finance Minister, Seth Terkper

Whereas Ghana's revenue targets for the year 2015 are taking major hits due to drastically falling petroleum prices, tthe country will be gaining from the petroleum importation side of things. This is according to MD for Stanbic Bank, Alhassan Andani.

According to Alhassan Andani, the falling prices of oil on the international market is a positive for the petroleum downstream sector, which will even go a long way to stabilize the local currency.

Speaking to journalists at the sidelines of the 2014 Ghana Banking Awards held during the weekend, the MD of Stanbic Bank said

Mr. Alhassan Andani added that the situation will also attract more investment potfolio into the petroleum downstream sector.

Ghana's targeted revenues from petroleum exports for 2015 took a whooping 60.7% hit due to the reduction in the price of fuel on the international market from $110 at the time of projections to $ 45 in June 2015. This and other minor factors led the Minister of Finance Seth Terkper to go back to parliament in May to realign the budget against actual inflows and the shortfall in expected revenue generation.

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