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Oil prices and developing countries

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The effect of crude oil prices on the economies of countries is a very unpleasant experience that does not only negatively affect eco­nomic growth but also brings about disastrous consequences that can also lead to unexpected political upheav­als and cause havoc for a number of people.

When the prices of crude oil begin to rise, it results in inflationary trends that bring about high prices of goods and services even in countries that are economically well off. This is an unfortunate situation in which many developing countries find them­selves and are expected to cope with whether they like it or not.

FUEL PRICES

The past few weeks have seen crude oil prices fall, for which reason the cost of fuel has become a bit more bearable.

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It is not that fuel prices are being sold at very low prices, but compared to previous times, these fuel prices can be described as better.

PRODUCTION CUT

It is high fuel prices that have made economic life unbearable in both developed and developing countries. In the case of developing countries, many budgets have been thrown out of gear. This unfortunate situation is likely to arise again be­cause Organisation of the Petroleum Exporting Countries (OPEC) wants to cut down on the production of crude oil. When this happens, the prices of fuel will start rising again.

In the case of Ghana, the gold for oil policy being implemented by the Akufo-Addo and Bawumia administra­tion is yielding positive results, but if crude oil prices in the world market continue to rise because of produc­tion cuts by OPEC, the stable prices in Ghana may start rising again.

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OPPOSITION’S COMMENTS

We have heard comments from the opposition that the government should not take any glory for the current fall in fuel prices. Their argu­ment is that if world oil prices begin to go up, the inevitable result will be rising fuel prices.

While this is true, if things go bad because of rising crude oil prices on the world market, the effect will be unpleasant for all Ghanaians, not just a section of them.

Why don’t we think about the country before any other political consideration?

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GOLD FOR OIL

The gold for oil policy is good because it has helped to reduce pressure on the dollar. This pressure reduction has helped stabilise the cedi, preventing any sharp rise in oil prices in the country.

If OPEC carries out its production cut, the effect on the global econ­omy particularly that of developing countries, will be very disastrous.

Already, oil prices have surged after several of the world’s largest exporters announced surprise cuts in production. The price of Brent crude oil is trading above $84 a barrel after jumping by almost six per cent.

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ECONOMIC CONSEQUENCES

This is not pleasant news because of its unbearable economic conse­quences for developing countries, many of which are struggling to find their economic levels.

Economists warned that higher oil prices could make it harder to bring down the cost of living. But the RAC motoring group said it does not expect petrol prices to rise unless the higher oil price is sustained over several days.

UNSYMPATHETIC OPEC

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Brent crude prices rose after Saudi Arabia, Iraq, and several Gulf states said on Sunday they were cutting output by more than one million barrels of oil a day. It seems as if, in the world of today, OPEC does not care about the plight of developing countries, but how much money they can make for themselves alone.

In addition, Russia said it will extend its cut of half a million barrels per day until the end of the year.

Energy giants BP and Shell saw their share prices rise on Monday, with both rising more than four per cent.

DEVELOPING COUNTRIES

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Developing countries, including those in Africa, must know who their true friends are. If things are to con­tinue this way, then countries in the developing world, including Ghana, will be pushed to the wall.

It is our expectation that OPEC will not continue with its decision for long in order to give some breathing space to all developing countries, including those in Africa.

Email address/WhatsApp number of author:

Pradmat201@gmail.com (0553318911)

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BY DR KOFI AMPONSAH-BEDIAKO

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Traffic jam on Weija-Kasoa highway

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I experienced something on Monday, June 15, that really frustrated me.  I had to go to the ministries but I could not get up early that day so I decided to pick a taxi and get to the Tuba Junction. 

When I got there I realised that Traffic had built up from the Toll Booth towards Accra.  After a while I got a Taxi and it was when we got to a certain spot on the road, that I realised why there was a traffic jam. 

There is a short stretch of the road where each time it rains heavily, loose material run down the hill onto the road, blocking one side of the road.  Vehicles from Kasoa to Accra are then forced to move into one of the lanes of those going towards Kasoa from Accra. 

The two lane road from Accra to Kasoa becomes a single carriage way.  That was the reason for the traffic jam from the toll booth onwards.

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This has been a perineal problem and yet, no permanent solution has been found till date.  The area falls under Ga South and even though, a new MCE has taken over, the technocrats are still there and so the problem is not new to them.  

There is therefore no excuse for the inability of the Ga South Metropolitan Assembly to resolving the problem on that stretch of the road.  Apart from the Ga South Metropolitan Assembly, another institution that must be held accountable is the Ghana Highways Authority. 

The Highways Authority cannot say they are unaware of this issue.  The fact that the problem falls within the area of responsibility of the Ga South Assembly, does not relieve the Ghana Highways Authority, of their responsibility of ensuring that our highways are maintained in a motorable state at all times. 

A collaboration between the Ghana Highways Authority and The Ga South Municipal Assembly is required for a permanent resolution of the problem.

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There was another traffic jam at a place called Atala about 250 metres to the traffic light at Old Barrier as a result of an issue similar to the one close to the toll booth, that I talked about earlier. 

When we got to Weija junction, we encountered another traffic jam. The cause of this jam was a bad condition of road about 80 metres from the traffic light at Ga South Hospital heading towards Accra.  

Due to the bad nature at that section of the road, vehicles are compelled to slow down resulting in a traffic jam stretching all the way to Weija Junction.  

I started wondering if that short stretch of road cannot be sorted on one Sunday when traffic is usually light.  When we got to the traffic light at Odorkor, there was another issue. 

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When the traffic light shows green, there is a slow down because there is a big pothole or should I say manhole in the outer lane, right at the traffic light.  Vehicles in the outer lane are compelled to swerve into the second lane thereby causing a traffic to slow down and resulting in a traffic jam.

It is very important to take into account the effect of traffic jam on the national economy.  If we are able to assess the value of the loss to the economy of the nation, I believe the issue of traffic jam will be prioritised. 

Imagine persons working at various Government Organisations like Registrar General’s Department, Ghana Ports and Habours Authority, Ghana Revenue Authority, CEPS etc. and lives at Kasoa and whose job is to collect revenue for the state and is held up in traffic. 

Just imagine the effect their lateness to work will have on the economy if you consider the delays in say clearing of goods at the port and as a result traders cannot sell their goods for government to generate the required taxes.

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Let us deal with the traffic jams on our streets to promote economic growth. God bless.

By Laud Kissi-Mensah

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Understanding mortality: Exploring the complexities of human existence

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Mortality is an inherent aspect of life, a universal experience that has sparked philosophical, theological, and scientific inquiry throughout human history.

This article aims to provide a comprehensive and nuanced exploration of mortality, acknowledging the complexity of the topic and the diverse perspectives surrounding it.

The biological imperative

From a biological standpoint, death is a natural part of the life cycle. It serves as a mechanism for the evolution of species, allowing for the passing on of genetic material and the adaptation to environmental changes.

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Evolutionary perspective: Death allows for the recycling of resources, promoting the survival and adaptation of species.

Life span and senescence: Cellular aging and the limitations of biological systems contribute to mortality.

Philosophical and existential perspectives

Existentialism: Emphasises individual freedom and responsibility in the face of mortality.

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Meaning and purpose: The finite nature of life can prompt individuals to seek meaning and purpose.

The human condition: Mortality is a fundamental aspect of the human experience, shaping our perceptions and values.

Cultural and spiritual views

Afterlife and spirituality: Many cultures and religions believe in an afterlife or spiritual continuation.

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Rituals and mourning: Cultural practices surrounding death reflect the significance of mortality in human experience.

Legacy and remembrance: The impact of one’s life can transcend mortality.

Ethical considerations

End-of-life care: Ethical debates surround issues like euthanasia, assisted dying, and palliative care.

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Quality of life: Balancing the value of life with the quality of life is a complex ethical issue.

Resource allocation: Societal decisions about healthcare and resource distribution involve considerations of mortality.

Psychological impact

Grief and loss: The experience of mortality can evoke profound emotional responses.

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Fear and anxiety: The awareness of mortality can lead to existential anxiety.

Appreciation and gratitude: Recognising mortality can foster appreciation for life.

Conclusion

Mortality is a multifaceted aspect of human existence, influencing how we live, relate, and find meaning. Understanding and acknowledging mortality can prompt deeper reflections on life and our place in the world.

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By Robert Ekow Grimmond-Thompson

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