Ghana fights for non-oil producing countries

Ghana has proposed that a formula be devised to determine prices that will allow non-oil producing countries pay international rates when oil prices fall.

Accordingly, she (Ghana) requested that oil producers sell at concessionary rates to non-oil producing countries.

The Minister for Foreign Affairs Hackman Owusu-Agyemang made the proposal at the 14th session of the Afro-Arab committee in Algeria.

Mr Owusu-Agyemang MP, New Juanben North made the proposals on the grounds that fluctuations in oil prices impact negatively on the economies of non-producing countries.

Ghana also suggested that non-oil producing countries should be given a percentage of the oil account as credit when international prices rise above the agreed ceiling.

According to the Minister these credits could be used to finance development projects and promote trade between the beneficiaries and the supplying countries.

The West African country's initiative, which received a positive response, is expected to be put before the League of Arab Nations and Organization of African Unity OAU for discussions.