Just like Nigeria, Ghana will now review its Crude Oil benchmark price downwards following its Budget announcement back in November. Ghana’s government had in November proposed a budget based on a crude price of $99.736 per barrel, a figure derived using a ‘formula based on legislation’. At the time Crude Oil as trading at under $80 and was expected to drop even further. Oil price has now dipped by about 40% since then, trading at under $50. Nigeria on the other hand set its budget at $77.5 before revising twice to $65 a figure it is still yet to change considering current realities. One hopes they come to their senses soon enough to reflect current realities.
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