Business24 ePaper (June12, 2020)

Page 1

EDITION B24 | 60

FRIDAY JUNE 12, 2020

THEBUSINESS24ONLINE.NET

Oil prices to remain lower, exporters to bear the brunt

Gov’t targets 1GW power from nuclear sources BY NII ANNERQUAYE ABBEY

MORE ON PG 3

Energy Minister John Peter Amewu would hope to leave a mark where his predecessors have faltered

BY BENSON AFFUL

Rating agency Moody’s says despite the increase in oil prices in recent weeks, it expects prices to remain lower for longer, which will worsen pressures for oil exporters. Oil prices rose on Tuesday, as optimism about recent commitments from major oil producers to curb production offset concerns that resurgence in coronavirus cases could hurt fuel demand. Brent crude rose 38 cents, or 0.9 percent, to settle at US$41.18 a barrel. West Texas Intermediate crude (WTI) rose 75 cents, or 2

percent, to end at US$38.94 a barrel. However, Moody’s said it has revised its oil price assumptions further downwards to account for the deeper and longer-lasting shock to global oil demand as a result of the coronavirus shock, which will be only partially offset by some adjustments to supply. According to the rating agency, the deeper global economic recession that is expected in 2020 in all major advanced economies and the drastic reduction in travel in particular have reduced demand for oil beyond its previous assumptions, saying “adjustments in supply are MORE ON PG 2

Insurance claim: Would you fight for your car? BY RICHARD NUNEKPEKU MORE ON PG 7

USDGs and the Beyond Aid Agenda– At least 1% of GDP must be committed to R&D funding BY PROF. DOUGLAS BOATENG MORE ON PG 13

Let’s shift from supplybased to demanddriven agriculture— NDPC boss MORE ON PG 3

BY PATRICK PAINTSIL

Covid-19 threatens food safety –FDA

ECONOMIC INDICATORS *EXCHANGE RATE (INT. RATE)

USD$1 =GHC 5.6230*

*POLICY RATE

14.5%*

GHANA REFERENCE RATE

15.12%

OVERALL FISCAL DEFICIT

6.6 % OF GDP

PROJECTED GDP GROWTH RATE PRIMARY BALANCE.

1.5% -1.1% OF GDP

AVERAGE PETROL & DIESEL PRICE:

GHc 5.13*

INTERNATIONAL MARKET

BY EUGENE DAVIS MORE ON PG 5

BRENT CRUDE $/BARREL

42.30

NATURAL GAS $/MILLION BTUS

1.78

GOLD $/TROY OUNCE

1,685.06

CORN $/BUSHEL

329.50

COCOA $/METRIC TON

2,384.00

COFFEE $/POUND:

+5.70 ($108.30)

COPPER USD/T OZ.

220.15

SILVER $/TROY OUNCE:

17.07

Copyright @ 2020 Business24 Limited. All Rights Reserved. Tel: +233 030 296 5297 editor@thebsuiness24online.net


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