Business24 Newspaper - June 29, 2020

Page 1

EDITION B24 | 68

MONDAY JUNE 29, 2020

THEBUSINESS24ONLINE.NET

IES analysts back cut to oil price assumption in mid-year budget review First quarter cargo traffic rose by 12.6% BY PATRICK PAINTSIL

BY BENSON AFFUL

Despite the recent increases in oil prices on the international market, policy think tank Institute of Energy Security (IES) has predicted that the oil market is not likely to see a V-shaped price recovery any time soon. Since falling to record lows in March and April, Brent crude oil prices have experienced some gains following the easing of coronavirus-induced restrictions around the world. Prices stayed near US$40 per barrel at the end of last week. However, analysts at IES told Business24 in an interview that it is difficult to tell whether the trend would continue in the months ahead.

“Any forecast of oil demand and price getting to the pre-COVID-19 levels before end-year could be distorted by some prevailing market happenings, posing as risks which cast shadows over the immediate recovery of the oil industry. These include a possible second wave of infections, increasing stock levels, delayed full economic recovery, return of shale production, political tension between the US and China, and the coming of the summer,” the analysts said. “Also, there are still hundreds of millions barrels of crude and petroleum products being held in storage tanks around the world, making it difficult for OPEC+ production cuts to have any meaningful impact on prices.” According to the energy sector analysts,

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Free SHS has cost the state GH¢2bn so far BY BENSON AFFUL

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ECONOMIC INDICATORS

Controller to deploy software to monitor all gov’t accounts

Ghanaian technology executive elected onto ICC executive board

Managing cash flow during a period of crisis

*EXCHANGE RATE (INT. RATE)

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BRENT CRUDE $/BARREL

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 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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