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Tekper to give update on state of the economy

Finance Minister Seth Terkper will this morning brief the media on the current state of the economy following various developments on the international front.

There are numerous developments, especially on the international front specifically in China, Iran, US and the European Union, among others, which most African countries including Ghana are not immune to.

The continuous drop of the price of crude on the world market for example following Iran’s recent nuclear deal with the US is expected to affect Ghana’s oil revenue.

Crude oil is currently trading below 40 dollars a barrel and this figure is expected to drop further as the gradual end to sanctions foreseen under the deal will allow Iran, which has the world’s third-largest oil and gas reserves, adding to world oil supplies at a time when the market is already massively oversupplied.

Seth Tekper was forced to review downwards revenue projection from oil this year following the drop in its price on the global market.

Current developments in China are also expected to affect Ghana significantly.

China, the world’s second biggest economy has not been doing too well in the month of August, 2015.

Economic growth has slowed down, its markets have slumped and the currency has also seen significant devaluation, among others.

Developments in China are expected to affect Ghana’s oil and gold revenue as well as the cedi and Ghana’s imports.

Seth Tekper is expected to touch on developments in China and its impact on China.

Meanwhile Seth Tekper will also brief the press on the progress made so far by the government, two months after he presented to Parliament, the mid-year-budget-review.

The finance minister is also expected to touch on preparations towards the 2016 budget and the issuance of Ghana’s fourth Eurobond among others.

Source: citifmonline.com

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