Monday 23 October 2017

Ghana risks losing $13bn in oil revenue in two decades

Ghana risks losing $13bn in oil revenue in two decades
(APA 06/15/17)

Ghana stands the risk of losing $13 billion in oil revenues if the price of the commodity continues to fall on the international market for the next two decades, a report by the World Bank has said.

The Finder newspaper reports on Thursday that the World Bank report titled, "Fiscal Consolidation to Accelerate Growth and Support Inclusive Development", predicts that oil revenues will decline sharply by 2025 and cease altogether.

The bank therefore advises the government to spend efficiently with regards to budget, noting that sustaining economic growth as oil output declines would require increased competitiveness and progressive diversification in the non-resource sectors.

It also advised that particular attention should be paid to agriculture.

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