Ghana lost about 15.1% in revenue from crude oil exports in the month of February 2020, the Bank of Ghana has stated.
This was when Brent crude traded at an average US$55.5 per barrel on the international market.
In January 2020, however, the nation gained 1.3% in receipts from crude oil exports. Crude oil traded at an average US$63.7 per barrel on the international market.
The government forecast an average of US$58 per barrel of price of crude oil captured in the 2020 Budget and Economic Policy Statement.
But the price of crude oil has gone down significantly to below US$30 as of today, Thursday, 19 March, 2020.
Meanwhile, economists are optimistic that oil price will bounce back to between US$45 and US$55 per barrel in the next six to nine months.
Bank Islam Chief economist, Dr Mohd Afzanizam Abdul Rashid told nst.com that what is happening now is that concerns on weak demand for oil has become elevated.
According to him, coupled with Covid-19 pandemic, the weak demand for oil is expected to take a serious toll on major advanced economies as well as China.
According to the International Energy Agency (IEA), China accounted for 80 percent of total oil demand growth in 2019.
Also, Juwai IQI Chief economist, Shan Saeed, expect oil prices to bounce back to between US$45 and US$55 per barrel in the next six to nine months.
“The premises are demand for oil will go up, there will be some geopolitical risks that can impact the oil market, slump in US dollar and the fact that we expect that there will be bankruptcies, especially of oil companies in the US.”