Citi Business News<\/strong>.<\/p>\nThe call also follows recommendations by the Public Interest and Accountability Committee (PIAC) for Ghana to hedge its oil resources.<\/p>\n
PIAC in its half year 2016 report said, \u201cAverage achieved price for the Jubilee Crude oil was US$40.21 per barrel compared to benchmark price of US$53.03, representing a negative variance of 24.21%.\u201d<\/p>\n
\u201cThe price obtained by the Ghana Group compares favourably with global benchmark prices prevailing during the period that the cargoes were sold. The Jubilee Partners obtained higher revenues from the liftings because of their hedging policies.\u201d<\/p>\n
Though Ghana accrued about 90 million dollars from hedging between 2010 and 2012, subsequent decision to halt the policy has adversely affected revenue from the oil sector following the plunge in the price of the commodity.<\/p>\n
The continuous drop in crude oil prices also compelled former Finance Minister, Seth Terkper to revise revenue projections for oil in the mid-year budget review in 2016.<\/p>\n
The benchmark revenue price of US$86.02 per barrel was reduced to US$53.05 per barrel.<\/p>\n
Total revenue from the sector was also estimated at GH\u00a22.0 billion.<\/p>\n
But the Professor Newman Kusi explains to Citi Business News<\/strong> the economic prospects are enormous should Ghana revisit the policy.<\/p>\n\u201cNow the global oil price is hovering around 42 dollars thereabout; and the tendency to rise above sixty dollars per barrel is not real but if you look at the trend, the trend is that the price is coming up again but I think we lost the opportunity to maximize our export revenue from the hedging but nevertheless we still can hedge because we do not know the direction of the prices in the future,\u201d<\/p>\n
Meanwhile the IFS boss has impressed on the new government to consider immediate steps and adopt a hedging plan for the country\u2019s oil.<\/p>\n
\u201cImmediately the government should take action on that if it wants to go by that decision,\u201d he said.<\/p>\n
–<\/p>\n
By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"
The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. [contextly_sidebar id=”2xLBoKMErBiQFHyv2pLbsKTP9YGGIiK8″]The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,170,11],"tags":[],"yoast_head":"\n
IFS renews pressure to hedge Ghana\u2019s oil - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"IFS renews pressure to hedge Ghana\u2019s oil - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. [contextly_sidebar id=”2xLBoKMErBiQFHyv2pLbsKTP9YGGIiK8″]The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/citi97.3\" \/>\n<meta property=\"article:published_time\" content=\"2017-01-17T14:18:02+00:00\" \/>\n<meta name=\"author\" content=\"Kojo Akoto Boateng\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@citi973\" \/>\n<meta name=\"twitter:site\" content=\"@citi973\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kojo Akoto Boateng\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/\",\"url\":\"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/\",\"name\":\"IFS renews pressure to hedge Ghana\u2019s oil - Citi 97.3 FM - Relevant Radio. Always\",\"isPartOf\":{\"@id\":\"https:\/\/citifmonline.com\/#website\"},\"datePublished\":\"2017-01-17T14:18:02+00:00\",\"dateModified\":\"2017-01-17T14:18:02+00:00\",\"author\":{\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\"},\"breadcrumb\":{\"@id\":\"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/citifmonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"IFS renews pressure to hedge Ghana\u2019s oil\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/citifmonline.com\/#website\",\"url\":\"https:\/\/citifmonline.com\/\",\"name\":\"Citi 97.3 FM - Relevant Radio. Always\",\"description\":\"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/citifmonline.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\",\"name\":\"Kojo Akoto Boateng\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"caption\":\"Kojo Akoto Boateng\"},\"url\":\"https:\/\/citifmonline.com\/author\/kojo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"IFS renews pressure to hedge Ghana\u2019s oil - Citi 97.3 FM - Relevant Radio. Always","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/","og_locale":"en_US","og_type":"article","og_title":"IFS renews pressure to hedge Ghana\u2019s oil - Citi 97.3 FM - Relevant Radio. Always","og_description":"The Institute of Fiscal Studies (IFS), has made fresh calls for Ghana to hedge its oil to protect the country from shocks in the global price of crude. [contextly_sidebar id=”2xLBoKMErBiQFHyv2pLbsKTP9YGGIiK8″]The Institute is warning the country risks missing out on its 7 percent growth target for 2017 should prevailing conditions on the global oil market persist. […]","og_url":"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/","og_site_name":"Citi 97.3 FM - Relevant Radio. Always","article_publisher":"https:\/\/www.facebook.com\/citi97.3","article_published_time":"2017-01-17T14:18:02+00:00","author":"Kojo Akoto Boateng","twitter_card":"summary_large_image","twitter_creator":"@citi973","twitter_site":"@citi973","twitter_misc":{"Written by":"Kojo Akoto Boateng","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/","url":"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/","name":"IFS renews pressure to hedge Ghana\u2019s oil - Citi 97.3 FM - Relevant Radio. Always","isPartOf":{"@id":"https:\/\/citifmonline.com\/#website"},"datePublished":"2017-01-17T14:18:02+00:00","dateModified":"2017-01-17T14:18:02+00:00","author":{"@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1"},"breadcrumb":{"@id":"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/citifmonline.com\/2017\/01\/ifs-renews-pressure-to-hedge-ghanas-oil\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/citifmonline.com\/"},{"@type":"ListItem","position":2,"name":"IFS renews pressure to hedge Ghana\u2019s oil"}]},{"@type":"WebSite","@id":"https:\/\/citifmonline.com\/#website","url":"https:\/\/citifmonline.com\/","name":"Citi 97.3 FM - Relevant Radio. Always","description":"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/citifmonline.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1","name":"Kojo Akoto Boateng","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","caption":"Kojo Akoto Boateng"},"url":"https:\/\/citifmonline.com\/author\/kojo\/"}]}},"_links":{"self":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/285652"}],"collection":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/comments?post=285652"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/285652\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media?parent=285652"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/categories?post=285652"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/tags?post=285652"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}