Terkper rues impact of crude oil slide

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WhenIdiotsRule 9 years ago

Without adequate planning, prudent and competent management of our natural resources we will always find ourselves in this situation: whereby when prices go up we suffer, and when prices go down we still suffer.

Without adequate planning, prudent and competent management of our natural resources we will always find ourselves in this situation: whereby when prices go up we suffer, and when prices go down we still suffer.
Mahmoud 9 years ago

The opposition had won - an African country ... had shown that democratic change could be achieved peacefully. Kufuor's eight years as President saw economic growth of more than 70 per cent - the first prolonged period since ...
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The opposition had won - an African country ... had shown that democratic change could be achieved peacefully. Kufuor's eight years as President saw economic growth of more than 70 per cent - the first prolonged period since independence when Ghana was not getting poorer. But Ghanaians chose to exercise their democratic right to change and earlier this month narrowly elected Atta Mills.
agya 9 years ago

Since when did Ghana become over dependent on oil? You just discovered oil, and all of a sudden your entire livelihood depends on it. How did you live before? Why are you in more debt than pre- oil period? This is sensele ...
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Since when did Ghana become over dependent on oil? You just discovered oil, and all of a sudden your entire livelihood depends on it. How did you live before? Why are you in more debt than pre- oil period? This is senseless. We actually need patriotic citizens to run this country. Until we smash down hard on corruption, and uproot mismanagement of the country, we will all drown together. There is no reason why we should be in this position. Give the country back.
STONER KOBYLYNTON 9 years ago

Agya, you have made a very sensible comment. Many people do not read economic news from the western countries to know what is going on in the global market. The moment USA started this shaling Oil business, it was clearly w ...
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Agya, you have made a very sensible comment. Many people do not read economic news from the western countries to know what is going on in the global market. The moment USA started this shaling Oil business, it was clearly written on the wall that, Oil prices will definately fall and countries whose economy was solely rule by oil were going to suffer massively.

Ghana is not an oil dependant country but this present administration could not think ahead of time but went on to spend like an Arabian Sheik during the 2012 election period when Mahama was doling out laptops to people leaving in remote areas just to entice them to vote for him. Not only laptops, many other freebees were given to the electorates not thinking about the after effects. The mounting debts would never be settled if an austerity measures are not taken and the government goes on to engage in his borrowing spree. Our yet to be born grandchildren will come and inherit debts which will not see any meaningful impact in their lifes because those loans will have its way into corrupt pockets.

The worse scenerio that will happen to our unborn grandchildren will again asked the lenders to pardon them with what the so-called learned men have use their pen to steal from the tax payer. The very day Mr. Terkper was assigned as the Finance Minister, I said nothing good will happen under his finance watch. His expertise is in tax collection and nothing else. When other Finance Ministers are looking for a way to stimulate the economy so that entreprenuers could take advantage to create the much needed jobs to solve the unemployment issue, Mr. Terkper has not once talked about this area of economy but always looking for a way to collect taxes from the over-burdened tax-payers.

Corruption, mismanagement, wrong appointments and other vices are the results of the country's present economic woes. It is not the shortfall of this stupid commodity - called OIL. Even right now, Bill Gates has made it possible to drink clean water from faeces as well as generating power from it. Now the ball is in the court of those who called themselves PHDs to show how they worth in society. E&OE.
BB, USA 9 years ago

Stoner,
I dont believe I totally nderstand all these numbers being thrown around. The question that I need someone to explain to me is this - as a country do we use more crude oil internally than we export? I understand we e ...
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Stoner,
I dont believe I totally nderstand all these numbers being thrown around. The question that I need someone to explain to me is this - as a country do we use more crude oil internally than we export? I understand we export/produce 105,000 barrels daily. Does anyone know our daily consumption?

The statements on these thread appear to be saying that we actually export more than we consume. Even if that is the case, shouldnt we be looking at our net share of the barrels being exported versus our consumption. Again the statements onm this thread appears to be saying that we consume less than our net share as a nation in the oil exports.

Please shed some light on this, if you are aware of the numbers
Concerned 9 years ago

Supposedly Ghana exports ALL it's Crude oil. We then turn around and import crude oil and refined oil. Supposedly Ghana's oil cannot be refined in TOR, plus with all the technical TOR issues, we are actually importing refined ...
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Supposedly Ghana exports ALL it's Crude oil. We then turn around and import crude oil and refined oil. Supposedly Ghana's oil cannot be refined in TOR, plus with all the technical TOR issues, we are actually importing refined/semi-refined products.

Ghana-man logic at its best. We talk about integrating our railways and mining, etc., but here where there are clear benefits to developing our own petrocarbon industry we are failing miserably. If we did refine all our oil, then crude price drops wouldn't affect us. Using the industry for plastics, manufacturing, drugs, etc.
EWURADE KASA 9 years ago

I couldnt say it better. How can a tax collector has sympathy? Pathetic. Everything you said is true. The govt is a failure and has no clue so they are basing all their budget needs on tax and nothing else. Pathetic.

I couldnt say it better. How can a tax collector has sympathy? Pathetic. Everything you said is true. The govt is a failure and has no clue so they are basing all their budget needs on tax and nothing else. Pathetic.
Kobby 9 years ago

It's interesting how power or the quest for it clouds people's judgement. All economist project future activities and and adjust thereafter. All economies are being affected by the low levels of oil prices, it is impacting ne ...
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It's interesting how power or the quest for it clouds people's judgement. All economist project future activities and and adjust thereafter. All economies are being affected by the low levels of oil prices, it is impacting negatively on all producers, including Ghana. This idea that generations unborn will have debts to pay is most unnecessary because they will in turn inherent a stable country, infrastructure will be in place, democracy will be thriving. All these are not cheap, electoral policies are expensive yet every day political parties are asking for activities that will place financial burdens on the weak economy I guess we should be circumspect in our outlook on the prosperity or decline of our dear country. Regardless of who rules this country, we shall borrow to develop this country, we shall have commodity price fluctuations, we shall have development patners who will renege on their part of budgetary contributions, we shall have public servants who will exercise errors of judgement and have the opposition blame ruling governments, we shall experience, partisan press and judiciary, we shall have the police service weak in the face of politicians because all crime shall be seen in political colors, we shall have cronyism, we shall have appointments based on regional balance instead of the best Ghanaian for the job, etc. the list of what governments face is endless but there's a way out, our constitution should be reviewed positively and the three arms of government should be decoupled absolutely for proper value for money, proper value for vote, and proper carriage of justice. The PROBLEM IS THE EXECUTIVE IS TOO STRONG. No member of parliament should be a minister of state, no MP should be a board chairman, no national executive of a political party should be a board member or board chairman. DCEs should be elected to enable the opposition take part in running the country if they win the Dce slot in their strongholds. Finally, we should agree to have a freeze of electioneering two years affect a government is inaugurated, The ruling class are hurting everybody, they frustrate entrepreneurs so we have capital flight, opposition parties only pander to their supporters to the detriment of nation builder, why? Negativity rather than positivism has won elections in the past, this fall in oil price should call for serious national minded discourse but I bet you know my guess.
Me 9 years ago

I agree with you on most of the issues you raised. For instance the executive government being too powerful, party executives being made board members, election of DCEs, MPs not being ministers and all that. But what do you m ...
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I agree with you on most of the issues you raised. For instance the executive government being too powerful, party executives being made board members, election of DCEs, MPs not being ministers and all that. But what do you mean by our generations unborn will inherit stable country and democracy ? The issues raised by the earlier commentator is about economic mismanagement and our inability to think and project the future economy. Infact methinks most of the problems we are currently grappling with were self inflicted. Because in his quest to win political power, somebody decided to throw caution into the win and spend carelessly, as if there will be no future. He dished out cars, money, laptops and other expensive gifts just to influence our voting . And even when he was being cautioned, he said the country was in a position to borrow more. We agree some infrastructural works are on going but can you say on authority that the cost value of those projects commensurates with the figures being put out there? And what about money that have been stolen into people pockets ? These issues, couple with the lazy and incompetent minds that we put out there as ministers are what we are talking about.
Kobby 9 years ago

I agree with you but it boils down to the strength of the executive. I want a framework view rather than the micro-economics because any incumbent would have won power at all cost. What I left out was our over reliance on don ...
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I agree with you but it boils down to the strength of the executive. I want a framework view rather than the micro-economics because any incumbent would have won power at all cost. What I left out was our over reliance on donor support for budgets who then dribble you if you assert yourself. When Prez Kufuor, for instance reduced fuel price at the last minute, that was a hole opened in the budget, but that is what a strong executive does. As for filling their pockets, all politicians do that because the electorate in the name of delegates exact so much from them without questions. Can you imagine the transport cost of delegates being catered for by candidates, it is worrisome and at best sad. When a people say "no road, no vote", if the road is outside budget what happens. We need to select knowledgable persons to translate budgets to the lowest denominator so we understand the consequence of demands. Typical s subsidies on fuel which over years have hurt our budgets. I advocate for total privatization of the distribution of electricity. Kufuor was spot on with GT now Vodafone.
Abankaba 9 years ago

Crude Oil Prices need to go down further. My hope is that it reaches the $25 mark very soon and stay there. We need all to enjoy and high crude oil price does not make our life's any better. Thanks to the decrease in demand f ...
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Crude Oil Prices need to go down further. My hope is that it reaches the $25 mark very soon and stay there. We need all to enjoy and high crude oil price does not make our life's any better. Thanks to the decrease in demand for oil
Kaakaa Motobi 9 years ago

This surely is the most reckless and most incompetent admin in Ghana's history.

But for tribal support Mahama would have been gone.

Who even knew or felt there was any EXTRA OIL money in our economy

Now we all know ...
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This surely is the most reckless and most incompetent admin in Ghana's history.

But for tribal support Mahama would have been gone.

Who even knew or felt there was any EXTRA OIL money in our economy

Now we all know the next propaganda line to be championed by the togolese deputy finance minister fiifi kwetey.
Abankaba 9 years ago

I did not see any good the oil brought to Ghana so why are we worrying sbout the price drop. Only a few are enjoying it, isn't it?

I did not see any good the oil brought to Ghana so why are we worrying sbout the price drop. Only a few are enjoying it, isn't it?
Sekwa 9 years ago

What a country called Ghana. Isn't it insane to say the least that when crude oil prices go up we are crying. Now the price is down we are still crying and asking consumers to pay higher prices. What do we want God to do to u ...
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What a country called Ghana. Isn't it insane to say the least that when crude oil prices go up we are crying. Now the price is down we are still crying and asking consumers to pay higher prices. What do we want God to do to us. Is it not a hopeless siuation. Lets just face it, it is the reckless election expenditures in 2012 that has haunted us till today.
Campaign against corruption 9 years ago

Mr. Term per, you estimators are dreamers and you better show them the door to their villages where, hopefully, they will succeed in farming or carpentery. Recent advance in oil extraction technology which has markedly improv ...
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Mr. Term per, you estimators are dreamers and you better show them the door to their villages where, hopefully, they will succeed in farming or carpentery. Recent advance in oil extraction technology which has markedly improve production of oil worldwide should be factored into any estimate. Mr. Terkper, please scale down your oil price estimate to a realistic USD25 per barrel, and mark my words in this regard. Let us not live in a cooku world!
Kwame Birmingham 9 years ago

All over the world countries are readjusting their budgets. Akoto said budget was dead on arrival bcos of readjustment, these illiterates and economist are exactly the people we don't want in Ghana

All over the world countries are readjusting their budgets. Akoto said budget was dead on arrival bcos of readjustment, these illiterates and economist are exactly the people we don't want in Ghana
Farley 9 years ago

The reason he said that was Tekper's budget was based on oil price at $99/barrel when a barrel is trading at Nymexas I type at $47.65 real time 12:20pm New York time

The reason he said that was Tekper's budget was based on oil price at $99/barrel when a barrel is trading at Nymexas I type at $47.65 real time 12:20pm New York time
Lord Tennison 9 years ago

Landscaping projects envisaged will need to be put on hold.
The NPA MUST pass on the full benefit of price reductions in crude oil to Ghanaians to reduce the high cost of living,reduce inflation and possibly interest rates a ...
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Landscaping projects envisaged will need to be put on hold.
The NPA MUST pass on the full benefit of price reductions in crude oil to Ghanaians to reduce the high cost of living,reduce inflation and possibly interest rates and increase real household incomes.

Terkper rues impact of crude oil slide

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