Pulse.com.gh logo
Go


Crude Oil Ghana To Lose $500m In Crude Oil Revenue

President John Dramani Mahama says Ghana will lose $500 million in oil revenue if crude oil price keeps falling.

  • Published: , Refreshed:

Addressing Ghanaians living in Germany at the Intercontinental hotel in Berlin last Tuesday to round off his state visit to that country, he said the unpredictability of the world economy and how it affected nations meant Ghana could not put much hope in crude oil for survival.

President  Mahama said,“Currently the world economy is a very unpredictable place, Increasingly, oil and gas is playing a role in our revenue.”

“From 2011 when we started producing oil, it’s been a small part of our revenue, it’s been about 6 percent of our total revenue, but every year it has continued to grow and so this year we were expecting about $1.2 billion from oil revenues but look at what has happened, the price of crude oil has gone down and from the estimates that we have, we are going to lose about $500 million in oil revenues coming into the economy and so that’s the problem when your economy is based on primary commodity exports.”

“That’s why we need to add value to our economy by ensuring that we add value to some of the primary products that we export and so when it comes to the oil and gas sector, I have more faith in the gas than in the oil because with the gas we can build a downstream petrochemical industry and be able to multiply the effects it has on our economy” he added.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Investment banks in Ghana Top 5 investment banks in Ghana and why you...bullet
2 Incompetence Otabil wasn't qualified to be Capital Bank Board Chairman...bullet
3 Breaking Otabil finally breaks silence on banking controversiesbullet
4 Salaries In 2018 Here are the dates public workers will be paid in...bullet
5 Education Top 5 private high schools in Ghana according to WAECbullet
6 Banking In Ghana Stranded customers of First Allied Savings &...bullet
7 Nana Appiah Mensah Menzgold CEO invited by EOCObullet
8 Collapsed Banks Here are the auditing firms for the 7...bullet
9 Banks Collapse Gov’t to take action against those behind...bullet
10 $100K Saga Presidency denies having knowledge of...bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 Money Alert Meet Africa's richest womanbullet
3 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
4 Former Capital Bank staff grills pork for survivalbullet
5 Plane Crash Starbow suspends operations following plane crashbullet
6 Bozoma Saint John 10 quotes from Uber top official, Bozoma,...bullet
7 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
8 Support Finance minister buys Kantanka carbullet
9 Tech 6 reasons you should buy an iPhone SE instead of...bullet
10 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet

Business