Forward-sale of oil; Gov't cagy

Listen to Mr. Agyapong on the forward-sale of oil

The Energy Minister, Mr. Felix Owusu Agyapong appeared ambivalent when he answered questions on whether the government is planning to forward-sell the country's oil in order to raise funds to support this year's budget.

Skillfully evading specificity, Mr. Owusu Agyapong said all options were being considered by the government as part of efforts to mitigate the effects of increasing fuel prices on Ghanaians.

Joy FM reported that there are indications that part of the crude oil discovered at Cape Three Points in the country could be sold even before it is drilled.

The minister speaking to Joy News' Matilda Asante neither denied nor confirmed the reports.

“Can you confirm if Ghana is going to forward sell some of its oil?” he was asked.

“Government is not doing anything to support budget. What government has been doing is to try and find ways of ensuring that we reduce the negative effects of higher and higher crude oil prices that is going on in the world without sacrificing the general interest of the country because we believe that as a government we need to find ways of mitigating the negative effects of the crude oil prices,” he answered.

“As part of those discussions are we talking about forward-selling?” Matilda asked.

Mr. Owusu Agyapong responded, “we are looking at all options available to the country. We haven't come to any conclusion, once we come a final decision we shall make a press conference and tell the people of Ghana.”

He said disclosing the details of the discussions could create problems of trust and confidence between the government and its partners.

Story by Malik Abass Daabu