TOR refining Jubilee Oil could ease pressure on the cedi - Economist hails structural shift
Prof. Festus Ebo Turkson, an economist, described the decision by the Tema Oil Refinery (TOR) to refine crude from Ghana's Jubilee Field as a major structural reform that could reduce pressure on the cedi and make the economy more resilient against global shocks. Speaking on Joy News' PM Express Business Edition on Thursday, Prof. Turkson stated, "I was excited to see that TOR has received some oil from our Jubilee fields to refine. That is a structural change. That is a change that is going to allow us to reduce our import of refined oil. That change will put less burden on the cedi."
Prof. Turkson said Ghana must seize the current period of economic stability to undertake long-term structural reforms instead of waiting for another crisis. He added that if the cedi is relatively stable, inflation is low, the monetary policy rate is low, and interest rates are declining, which is an environment that will allow businesses to expand. He also stated that Ghana remains exposed to external events beyond its control and needs to redesign its economy to withstand global disruptions.
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Economist Prof. Festus Ebo Turkson has highlighted a significant structural reform in Ghana's economy. This development could lead to a reduction in
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