Written by Kwasi Kpodo | From Reuters

Ghana has slashed its 2015 oil revenue forecast to 1.5 billion cedis ($417 million) from 4.2 billion cedis when the budget was presented in November due to lower crude prices, the finance minister said on Thursday.

Updating Ghana’s parliament on the impact the slump in world oil prices was having on the economy, Finance Minister Seth Terkper also said the 2015 budget deficit forecast had risen to 7.5 percent of gross domestic product (GDP) from 6.5 percent.

Total revenue and grants were now expected to decline to 29.7 billion cedis from 32.4 billion originally projected.

Ghana, which also exports cocoa and gold, enjoyed several years of robust economic growth after it began pumping oil from its offshore Jubilee field in late 2010.

But it was soon grappling with high deficits, widening public debt and high inflation. Last month, Ghana reached an agreement with the International Monetary Fund (IMF) for a three-year $940 aid million programme.

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