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Ghana is attempting to stabilise economy amid low oil prices

Ghana is seeking to boost investment in its oil and gas industry, as misjudged government spending, infrastructure delays and low prices dull the optimistic mood

Ghana’s economy has not lived up to the hopes that were triggered by first oil from the country’s giant Jubilee field back in 2010. Revenues were much lower than expected, and this scuppered government plans that were dependent on oil prices remaining high. GDP growth was running at around 8% in 2010 and over 14% in 2011, but is forecast to be below 4% this year. Last year, the government used an oil price of $99/barrel to calculate its 2015 budget. By the time the budget was proposed, the price was $80/b and by mid-August 2015, Brent crude was trading below $50/b. As Ghana’s finance minister Seth Terkper told a briefing at think tank Chatham House in London in early August, “We know that t

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