Ghana’s Finance Minister, Dr Kwabena Duffuor, says the Committee will design and implement a risk management programme that would ensure stability in crude oil prices in the domestic market as well as for exports.
Ghana has since October last year hedged 50 per cent of its monthly consumption of two million barrels of crude oil to prevent rapid increases in domestic prices.
It has also recently hedged its share of production of crude oil from the Jubilee field at $107 from May to December.
The risk management programme, Dr Duffuor says, is primarily an insurance programme to buy protection to ensure that over a reasonable period, there is a predictable maximum price for consumption and a minimum price for the country’s exports.
“It must be emphasized that our hedging positions are not designed to make speculative profits,” he says.
According to him, recent concerns over hedging challenges across the world necessitated the move by the Ghana Government to develop oversight and internal control systems for derivative activities.
Global price of oil spiked today, June 9, after OPEC representatives meeting in Vienna refused to reach a decision on production quotas on Wednesday.
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