Crude oil below $70 threatens Ghana's 2025 revenue targets – Ben Nsiah

The Executive Director of the Centre for Environmental Management and Sustainable Energy (CEMSE), Ben Nsiah, has raised concerns about the potential economic impact of falling global oil prices on Ghana’s revenue projections for 2025. According to him, if crude oil prices continue to remain below $70 per barrel, it could undermine Ghana's financial outlook.

Speaking exclusively to GhanaWeb Business on Monday, July 7, 2025, Nsiah said the drop in prices would result in reduced earnings from Ghana's upstream petroleum sector. He noted that a sustained dip below the $70 benchmark would ultimately affect revenue projections and could potentially disrupt the ongoing appreciation and stabilisation of the cedi against the dollar.

"It is not in the interest of Ghana, especially at the upstream level, to keep prices below $70 per barrel, because at the same time we are losing both on the output of the product and on the appreciation of the cedi against the dollar. So, in the upstream sector, this is likely going to affect us in terms of revenue projections," he stated.

He added that lower global crude prices would lead to a reduction in the prices of finished petroleum products in the downstream sector. This, he believes, is good news for consumers and commuters, as stable or reduced fuel prices would largely avert agitations for fare increases.

"When prices continue to stay low, export prices will not be that high, and this will favour petroleum users, especially commuters, because there will not be any agitations for price or fare increments locally," he explained. SP/MA Cheque Fraud EXPOSED: How it works and how to stay safe

Source: GhanaWeb