Pulse.com.gh logo

Win some, lose some Falling oil prices will lead to stabilisation of the Cedi- Alhassan Andani

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

  • Published:

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.

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 Increment Fuel prices to go up again – IESbullet
5 Banking In Ghana Stranded customers of First Allied Savings &...bullet
6 Salaries In 2018 Here are the dates public workers will be...bullet
7 Nana Appiah Mensah Menzgold boss apologises to BoG after...bullet
8 Education Top 5 private high schools in Ghana according to...bullet
9 Banking Crises Sahel Sahara and Omni Bank become latest...bullet
10 Collapsed Banks Here are the auditing firms for the 7...bullet

Top Videos

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