On Monday, February 3, 2020, oil prices on the international market fell to nearly US$ 56 per barrel, the lowest in a year. Goldman Sachs said the coronavirus outbreak will create a large demand shock in the global oil market and keep volatility in spot prices elevated. Crucially, oil prices have currently fallen below the Ghana government’s own projected benchmark price for this year. The projected total petroleum revenue for 2020 is thus US$ 1,150.84 Million, but the immediate effects of the coronavirus are putting this target in jeopardy. Conversely though, the decline in imports will certainly affect government’s revenue in the short-term, especially in this first quarter by reducing its income from import duties.

Source: GhanaWeb February 05, 2020 11:37 UTC