Ghanaians Should Brace Themselves – Dr. Omane Boamah

Deputy Minister of Environment, Science and Technology, Dr. Omane Boamah, is calling on Ghanaians to psyche themselves up for a likely upward adjustment of crude prices in the country.

Analyzing the various challenges that crude oil producing countries like Libya are going through and juxtaposing it with the Global economic crisis, Dr. Boamah said the implications of those challenges are likely to affect Ghana.

“…implication of world market crude for our country, now and in the future…We cannot continue to assume that the world exists independently of the prices of crude commodities…it is very clear that for almost a year government has not touched the prices of products of crude oil; in spite of the difficult situation that is confronting us…it is clear that prices of crude may not come down and it is likely to affect us...” he said.

Crude oil prices have continued with their upward trend especially oil prices; the premium of Brent oil over West Texas Intermediate (WTI) oil price also continued to contract. WTI also known as Texas light sweet, is a grade of crude oil used as a benchmark in oil pricing.

The rapid changes in Europe including the recent changes in Italy and Greece helped stir up the financial markets and may have been among the leading factors to affect the changes in crude oil prices.

Dr. Omane Boamah, who was speaking to the issue as a panelist on Radio Gold’s Alhaji and Alhaji programme added: “If crude continues on its upward trend, I hope political parties will learn a lesson or two from it… if the world price of crude continues in its upward trend, government may have no other option than to adjust the prices…,” he said.

Source: Rebecca Addo Tetteh/Peacefmonline.com