Ghana’s Minister of Finance, Seth Terkper (photo), on Tuesday revealed that the country is currently going over its budget for 2016.

According to him, the Ghanaian government is observing oil prices and will submit a revision to the Parliament if the oil prices in the global market continues to fall.

“We are weighing options and scenarios and may go to cabinet and parliament to revise the budget if need be. We don’t want to rush. If prices go further down we will then go to Parliament to revise the budget,” he said.

Oil companies globally are reviewing budgets after crude prices dropped to the lowest in January weakening revenue needed in meeting economic goals. Average crude price for 2016 will have to increase by 75 % for Ghana to meet its economic deficit target in the 2016 budget, Bloomberg reports.

Anita Fatunji