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Saturday, August 25, 2012

Government’s oil-revenue target is unlikely to be achieved – Imani Ghana

Policy think tank, Imani Ghana has cast doubts over government’s oil revenue target for the year following what it says is the continuous fall in oil production from the Jubilee field since last year. 

Government in this year’s budget projected to generate 650 million dollars from the oil production. Figures from January to June indicate, the country grossed nearly 230 million dollars. 

Executive Director of Imani Ghana, Franklyn Cudjoe argues, with almost 4 months to the end of the year, the revenue target is most unlikely to be achieved.

“The oil fields are not producing the barrels we want. Over the last several months, oil production has been hovering around nearly 60 thousand barrels per day compared with even the downward revised figure of 90 thousand from the initial 120 thousand target” he noted. 

According to him, the shortfall in oil production also has serious implications for the economy, especially the local currency. 

“These are very ominous signs for the falling cedi – unduly affecting our forex position. Our foreign exchange earnings and balance of trade position are getting lower because we’re not exporting.cThis means printing more money in some instances which may have serious repecussions for the economy” he noted” 

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