Business News of Monday, 13 January 2020Source: citinewsroom.comProtect Ghanaians from possible US-Iran tensions escalation – COPECConvener of COPEC, Duncan AmoahEven as oil prices drop on the international market, the Chamber of Petroleum Consumers Ghana-COPEC, has called on the government to put in place strategies to protect Ghanaians against a possible hike in oil prices due to any escalation in US-Iran relations in the near future. According to COPEC, the government can consider hedging as a strategy to cushion Ghana in the future when the global oil market gets volatile. Now if they decide to block the strait, expect oil prices to rise significantly. For analysts, in the immediate aftermath of the strike, a sustained rise in oil prices would have pushed up prices for consumers at the pumps and increase costs for businesses. “The implication and impact of a possible hike in oil prices on businesses, trotro drivers and other Ghanaians cannot be overlooked, and it’s not something that the government itself can afford.

Source: GhanaWeb January 13, 2020 15:45 UTC