Revelation Ghana could have made millions from oil hedging – Duffuor

Former Finance Minister Dr. Kwabena Duffuor says Ghana missed an opportunity to make millions because of the ineffective hedging against unstable oil prices.

  • Published:
Dr. Kwabena Duffuor play

Dr. Kwabena Duffuor

24/7 Live - Subscribe to the Pulse Newsletter!

Former Finance Minister Dr. Kwabena Duffuor says Ghana missed an opportunity to make millions because of the ineffective hedging against unstable oil prices.

Speaking at the ongoing 2015 Natural Resource Governance Institute on the theme, “Falling prices, rising risks” at St Catherine’s College at Oxford in the UK, Dr. Duffour indicated that the country would have gained a lot of revenue if the decision to hedge the country’s oil was not revised by the government.

“I believe that this time, we have lost or missed an opportunity in the sense that Ghana was going to be in a win, win situation because the consumption of crude was going to be a big bonus for us.

“If we were buying at hundred, it is now 40 or 50 we would have made huge savings so for consumption you have made savings there. At the same time if we had put the put option in place and we had sold the oil at that price because of the put option we would have also gained, so Ghana was going to win on the consumption side and win on the export side.

“Unfortunately, it didn’t happen because the government was looking at the hedging issues again and while they were looking at the issues the prices crashed and it affected everything in the country, especially the budget.

“So our situation is different and very sad, it is a missed opportunity, we would have made millions out of this but it didn’t happen,” Dr. Duffuor said.

Recommended Articles

Recommended Videos





Top Articles

1 Xenophobia Eighteen Ghanaians rescued from xenophobic attacksbullet
2 False Statement Rawlings must stop lying about me - John Kufuorbullet
3 List Here are the NDC staffers who purchased state cars at the...bullet
4 La Gas Explosion Mahama mourns with Alan Kyeremantenbullet
5 Revealed! Leader of assault on police officer at Flagstaff House...bullet
6 Disaster Fire guts tanker yard at Ashaiman; 7 feared deadbullet
7 Fornication I support sex before marriage - Wereko-Brobbeybullet
8 NPP Government Ghana Post gets new MDbullet
9 Tragic KNUST student commits suicide over exam resultsbullet
10 Watch Fufu is killing Africans - Pastor Mensa Otabilbullet

Top Videos

1 Health Alert Fufu is killing Africans - Mensah Otabilbullet
2 Video Police officer attacked at Flagstaff Housebullet
3 Watch Kumchacha delivers Counselor Lutterodt from 'demons'bullet
4 Meet "The Beast" President Obama's Cadillac that's more tank than carbullet
5 Obinim What happen'd when we fact checked Obinim's Bible knowledgebullet
6 Refugee Ghanaian to lose fingers after 7-hour trek to cross US...bullet
7 Night Life Some taxi drivers and their night driving experiencesbullet
8 Video Taxi driver terrified after an encounter with a ghostbullet
9 Ashiaman This is what being a market queen is aboutbullet
10 Marine Drive Project Time's up, but residents refuse...bullet

News