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International Commodities Oil prices to hit $20 record low- Goldman Sachs

This is a cause of worry for most oil exploration companies in Ghana who are already hinting massive job cuts.

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US investment giant, Goldman Sachs is predicting that oil prices will fall further in the coming months.

This is a cause of worry for most oil exploration companies in Ghana who are already hinting massive job cuts.

The minister of finance, Seth Terkper had to re-align the 2015 budget due to massive shortfalls in projected revenue from oil exports.

The situation may worsen as the investment firm Goldman Sachs  says the price of oil may reach as low as $20 a barrel between now and early 2016.

For many,  the prediction by Goldman Sachs carries a lot of weight seeing as the firm is one of the world's biggest financiers of oil transactions. It is also believed that the prediction will cause Goldman Sachs to withhold financing of oil transactions , further complicating the difficulties of oil companies already reeling under the falling international oil prices.

Meanwhile, it is believed that Ghana will be a net beneficiary of the falling prices as the country is still a net importer of oil.

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

On Wednesday, the National Petroleum Authority released details of the quantities of oil imported by Ghana in the past six months. The NPA revealed that the country spent $1billion on oil exportations for the first six months of 2016.

Read more:Ghana petroleum imports hit $1 billion in six months

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