" There are pluses and minuses in the slump of petroleum prices on the international market for us.
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 " There are pluses and minuses in the slump of petroleum prices on the international market for us. If you look at some of the minuses , we may be loosing on the export revenue side of things. But the biggest gain for me is on the import side of things, because we a still net importers of crude. This means that the fiscal outflow of dollars to buy crude will reduce, and that should be a positive for us because it will lead to the stabilisation of the Cedi."
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.