There will be a shortfall of Ghc2.7 billion for 2015 as far as revenue mobilisation from Ghana’s oil sector is concerned, Finance Minister Seth Tekper has told Parliament Thursday.

This means the country’s earlier estimation of raking in Ghc4.2 billion from the sector this year will suffer a big jolt.

In essence, just Ghc1.5 billion is estimated to be raised by the country from the oil sector due to the sharp fall in the price of crude oil on the world market.

Mr Tekper released the new figures when he addressed Parliament about the implications that the plummeting price of crude oil on the world market will have on the young oil producing West African country’s 2015 budget and the overall economy.

The initial estimates as captured in the 2015 budget and fiscal statement read to Parliament in November 2014 were calculated at a projected crude oil price of 99 dollars per barrel.

Currently, the price of crude on the world market has fallen by close to 50 percent and hovering around the 50-dollar mark.

Also, the Minister said as a result of the changes in figures, the estimated fiscal deficit of 6.5 per cent will increase to 7.5 per cent for 2015.

Meanwhile Mr Tekper said the estimated total expenditure and arrears clearance for 2015 are expected to decline by Ghc1.5 billion from Ghc Ghc41.2 billion (30.5% of GDP) to Ghc39.7 billion (29.8% of GDP).