Gov’t to resume hedging of Ghana’s oil exports, imports

Business News of Monday, 19 January 2015


Crude Oil

Government says it is to resume hedging of the country’s crude oil imports and exports. It also looking at how the state can get more revenue by reviewing the current laws covering earnings from crude exports and the pricing formula for fuel.

Finance Minister Seth Terkper who disclosed this to Joy Business after a news conference on developments on the economy said all these measures will absorb the economy from the expected shocks from declining crude prices.

He noted that it was incumbent on government to do a “major review” of the oil sector because this is the first time the country is experiencing a decline in crude price since Ghana started producing oil.

Seth Terkper asked Ghanaians to remain calm explaining that there have been instances where people have made dire predictions which never came. He said panic reactions to such predictions caused the cedi depreciation last year.

“I just want to appeal to Ghanaians that when these things are happening it is very difficult to predict what would happen in 12 months, but on quarter to quarter basis, monthly to monthly basis you can take corrective action as government always do, I don’t think it should not be a panic situation.”

He also spoke about some practical measures being taken to remove all the ghost names on the public payroll, including the issuance of codes to government employees.