Ghana Slashes 2015 Oil Revenue Forecast by 64%

Ghana's finance minister said on Thursday that the forecast for oil revenues in 2015 had been slashed to 1.5 billion cedis ($416.7 million), down from 4.2 billion cedis forecast in the budget presented in November due to falling oil prices.

Finance Minister Seth Terkper told parliament the government had based its original revenue forecast on oil prices averaging $99.4 per barrel this year but was now using an IMF projection of oil at $52.8 per barrel.

Terkper also said that the oil production forecast for 2015 remained unchanged at 102,033 barrels per day.