Ghana could have made millions from oil hedging – Duffuor

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alex 8 years ago

where were you

where were you
ELINAM 8 years ago

When you're broke and live by hand to mouth and can NOT pay your child's school fees, and do not know where your next money is coming from, with debtors on your door steps every minute, how on earth can you hedge?

When you're broke and live by hand to mouth and can NOT pay your child's school fees, and do not know where your next money is coming from, with debtors on your door steps every minute, how on earth can you hedge?
insight to the bone 8 years ago

yes because the oil does not belong to you you propose this recklessness. what happens when things go wrong and like Nkrumah we get saddled with the astronomic debt. Fantis should not fall for this

yes because the oil does not belong to you you propose this recklessness. what happens when things go wrong and like Nkrumah we get saddled with the astronomic debt. Fantis should not fall for this
AGBEVE AGBENYEGA 8 years ago

Yes, he is silly!! Hedging is a game of chance!! You don't play with chances when you borrow to eat. You go in for such an option when you have a respectable amount of reserves to fall on in the event that the hedging does no ...
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Yes, he is silly!! Hedging is a game of chance!! You don't play with chances when you borrow to eat. You go in for such an option when you have a respectable amount of reserves to fall on in the event that the hedging does not result in your favour.

We should learn a lesson from how Tsatsu Tsikata did hedging with GNPC. Some modest gains were recorded initially, causing then President Rawlings to crown him with the accolade "financial wizard". Subsequently, things went bad and GNPC assets had to be sold to defray the debts. Tsatsu faced trial for willfully causing financial loss to the state and got jailed.
Kwame 8 years ago

Dr Duffour obviously does not understand the issues here unless he wanted the MOF to speculate on the futures market. We are all paying for some of his mistakes he made with judgement debt payments and he should shut up and l ...
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Dr Duffour obviously does not understand the issues here unless he wanted the MOF to speculate on the futures market. We are all paying for some of his mistakes he made with judgement debt payments and he should shut up and let Mr Tekper fix his mess in peace. How can you hedge and inventory that you don't own absolutely? Ghana has just 12% shares in the production so how could Ghana impose a hedging strategy on the management of Tullow , the operators and managers of the oil production. Please please stop your nonsense .
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John Tetegah 8 years ago

Dr Duffuor, you can always say that with hindsight.

Dr Duffuor, you can always say that with hindsight.
Kwame 8 years ago

Why is it the case that though the price of crude oil on the world market has dropped by more than 50 plus dollars yet the prices of crude oil by products continue to rise. The answer is that the companies from which our oil ...
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Why is it the case that though the price of crude oil on the world market has dropped by more than 50 plus dollars yet the prices of crude oil by products continue to rise. The answer is that the companies from which our oil distributors buy their finished products from hedged it.
SBD 8 years ago

Yes he is right, but this is a comment anyone can make!! What did he tell the useless government and GNPC? With hindsight anybody can say what he said. He should just shut up with those commentaries.

Yes he is right, but this is a comment anyone can make!! What did he tell the useless government and GNPC? With hindsight anybody can say what he said. He should just shut up with those commentaries.
JJ 8 years ago

You would have lost millions because you would have hedged at 100 and now the price is 50!!! Hedging pays off when price goes up!!!!

You would have lost millions because you would have hedged at 100 and now the price is 50!!! Hedging pays off when price goes up!!!!
Kwame 8 years ago

One of the reasons why imperialist forces paid John Rawlings and his puppet friends to overthrow Liman was that he hedged Ghana's cocoa beans with the then Soviet Union that when the price of the commodity falls we still get ...
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One of the reasons why imperialist forces paid John Rawlings and his puppet friends to overthrow Liman was that he hedged Ghana's cocoa beans with the then Soviet Union that when the price of the commodity falls we still get the hedged price. At a point in time crude oil was selling at 110 dollars and it means that if we are to have hedged it at 80 dollars we would be receiving 80 dollars and not 60 plus for our crude oil and it by products.
SBD 8 years ago

Hedging at USD100 as a producer only means you into a contract to sell at USD100 within an agreed period. So with oil selling at USD50 you can sell yours at USD100, that implies you are USD50 (hedging cost included)better off ...
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Hedging at USD100 as a producer only means you into a contract to sell at USD100 within an agreed period. So with oil selling at USD50 you can sell yours at USD100, that implies you are USD50 (hedging cost included)better off than the one who did not hedge.
Konfanko 8 years ago

He is talking of a put option --when prices drop and you have a put option you are allowed to buy at a low price and sell at the high price.

He is talking of a put option --when prices drop and you have a put option you are allowed to buy at a low price and sell at the high price.
AMB 8 years ago

Surely for exports you reap significant benefits when the prices go down after you have hedged at a higher price. Conversely you are better of if you don't hedge when the price goes down in the case of important. You then h ...
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Surely for exports you reap significant benefits when the prices go down after you have hedged at a higher price. Conversely you are better of if you don't hedge when the price goes down in the case of important. You then have the opportunity to buy at lower prices. However if you import the finished petroleum products, the benefits will depend on the source of supply. If your supplier hedged for the import of Brent crude, the price of finished products can't go down in line with the drop in Brent prices. Duffour is generally correct.
Chief amankwa 8 years ago

This guy paid judgement to his bank .
I don't trust this man one bit ..he is not straight at all .
Made a lot money out of ghana treasury funds with clever tricks ...

This guy paid judgement to his bank .
I don't trust this man one bit ..he is not straight at all .
Made a lot money out of ghana treasury funds with clever tricks ...
Boko Haram 8 years ago

Dufour must come back as our finance minister

Dufour must come back as our finance minister
Sir.Tony 8 years ago

Were u not in this country??

Were u not in this country??
Jay********************* London 8 years ago

Even their own man is saying that NDC and Mahama are STUPID and their STUPIDITY IS COSTING US MILLIONS OF DOLLARS WHILE THE CEDI DETERIORATES.

Even their own man is saying that NDC and Mahama are STUPID and their STUPIDITY IS COSTING US MILLIONS OF DOLLARS WHILE THE CEDI DETERIORATES.
Patriotic Ghanaian . USA. 8 years ago

Hindsight is always 20/20. The Ex Minister should know better that blaming the NDC Government for his narrow minded justification for financial gain from his point on Oil Hedging is a cheap shot. Gains are paramount on Volat ...
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Hindsight is always 20/20. The Ex Minister should know better that blaming the NDC Government for his narrow minded justification for financial gain from his point on Oil Hedging is a cheap shot. Gains are paramount on Volatility or the Markert Mechanisms and it will have been fair he if he had at least identified with merits of the Goverment's position.
Papa Yaw 8 years ago

So

So
peee 8 years ago

Who killed Dufour's predecessor? Eh NPP

Who killed Dufour's predecessor? Eh NPP
AMB 8 years ago

Not everybody can manage change and turbulent situations. Terkper is good but not for turbulent situations.

Not everybody can manage change and turbulent situations. Terkper is good but not for turbulent situations.
daladam 8 years ago

so why cry now after the fact

so why cry now after the fact
Abeeku Mensah 8 years ago

These Monday morning quarterbacks from the NPP ought to be serious; they cannot temper their zealotry because they have no shame in a society that sees and parse mismanagement and stealing based on tribal preferences.

Know ...
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These Monday morning quarterbacks from the NPP ought to be serious; they cannot temper their zealotry because they have no shame in a society that sees and parse mismanagement and stealing based on tribal preferences.

Knowing that politics in Ghana is fluid and lack of institutional and individual honesty should the wise man in our Parliament not have mandated that hedging is the recommended path for the sale of our oil on the international market? By the way where else did the NPP advocate hedging when they were in office relative to commodities in Ghana, minerals and natural resource?
DESSIE 8 years ago

was it worthed hedge the oil during the oil crunch?

was it worthed hedge the oil during the oil crunch?
HAZOR 8 years ago

Dr Duffuor said previously oil was being sold at $100 and now ia being sell at between $40 and $50 a barrel.President Mahama administration has increase or raise to price of petroleum products instead of reducing the price of ...
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Dr Duffuor said previously oil was being sold at $100 and now ia being sell at between $40 and $50 a barrel.President Mahama administration has increase or raise to price of petroleum products instead of reducing the price of petroleum.Folks if you are thinking of vote to retain Mahama in 2016 please go to psychiatrist to examine your head to see if you are normal thinking human being.
Patriotic Ghanaian . USA. 8 years ago

What is the correlation between the insult to the President and your stupid analogy?

What is the correlation between the insult to the President and your stupid analogy?
OBRONI 8 years ago

Hedging has two sides Mr. Duffour, yiou as a banker should know that better than anybody else.
Hedging is a modern word for speculation and we all know where that can lead to after the American and European economies collaps ...
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Hedging has two sides Mr. Duffour, yiou as a banker should know that better than anybody else.
Hedging is a modern word for speculation and we all know where that can lead to after the American and European economies collapsed several years ago.
Dan Kosowah 8 years ago

If you agree with a buyer of oil at $100 a barrel and the world price of oil drops to $50, what will compel the buyer to buy yours at $100 if he can get it somewhere else at $50. Dr. Duffuor pray tell.

If you agree with a buyer of oil at $100 a barrel and the world price of oil drops to $50, what will compel the buyer to buy yours at $100 if he can get it somewhere else at $50. Dr. Duffuor pray tell.
Paa Joe 8 years ago

YOU ARE INDEED RIGHT OF YOUR COMPREHENSIVE ANALYSIS OF THE ECONOMIC CHALLENGES AND DIFFICULTIES FACING SMALL OIL PRODUCING COUNTRIES.

THERE IS NO NEED FOR ANYONE TO CRITICISE THE ECONOMIC BACKWARDNESS, UNDERDEVELOPMEMT AND ...
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YOU ARE INDEED RIGHT OF YOUR COMPREHENSIVE ANALYSIS OF THE ECONOMIC CHALLENGES AND DIFFICULTIES FACING SMALL OIL PRODUCING COUNTRIES.

THERE IS NO NEED FOR ANYONE TO CRITICISE THE ECONOMIC BACKWARDNESS, UNDERDEVELOPMEMT AND EXTREME POVERTY FACING COUNTRIES IN THE SOUTH.

IS THIS UNIVERSAL HUMAN RIGHT.THIS IS IN ACTUAL FACT A PURNISHMENT AND WONDER WHY, MANY OF THE AFFECTED COUNTRIES HAVE STILL KEPT THEIR SILENCE.

JUSTICE DENIED.
Whatever 8 years ago

hmm

hmm
Civilized Eagle! !! 8 years ago

Do what? ????

Do what? ????
Memma White 8 years ago

Hedging strategies are not intended for governments who are not directly engaged in selling those commodities. What if the price of oil went down?

Hedging strategies are not intended for governments who are not directly engaged in selling those commodities. What if the price of oil went down?
Elliot Ness 8 years ago

This guys credentials are questionable. Why can't he look to answering questions about why Africa's resources continue to be divided by the major world powers? Africa is rich in resources but we are still poor, while the West ...
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This guys credentials are questionable. Why can't he look to answering questions about why Africa's resources continue to be divided by the major world powers? Africa is rich in resources but we are still poor, while the West and the East continue to prosper from our resources. With guys like this, no wonder there is a leadership vacuum in this country.

Ghana could have made millions from oil hedging – Duffuor

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