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Ghana’s prospects have been given a major boost with the recent surge in crude oil prices on the international market.

Prices hit an 11-year high, reaching $96 per barrel, driven by fears of supply disruptions due to the Russia-Ukraine conflict.

This bodes well for Ghana, a significant oil producer in West Africa, as it is expected to boost government revenues and provide more funds for critical sectors such as infrastructure, health, and education.

The country had already projected a budget deficit of 7.4% of GDP for 2023, but the increase in oil prices could help narrow this gap.