Ghana has so far lost GHS1.8 billion through some illegal activities by some Oil Marketing Companies and some unscrupulous individuals in the oil sector, Duncan Amoah, Executive Secretary of the Chamber of Petroleum Consumers, Ghana (COPEC-Ghana), has revealed.
According to him, on the average, the nation loses about GHS5million daily through the activities of some faceless individuals engaged in illegal acts within the petroleum sector.
Reacting to the decision by the National Petroleum Authority (NPA) to suspend some eight OMCs and Bulk Distribution Companies (BDCs) for their “involvement in activities that led to loss of tax revenue to the Government of Ghana”, Mr Amoah, in a statement released on Wednesday, 25 July, said: “…The country is on record to have lost a staggering GHS1.8 billion to illegal activities from a powerful cartel that manages to bypass the laid down structures and systems without any taxes.
“This cartel, comprising some powerful individuals and dealers, continue to operate as of this day and time. Ghana is believed to lose on the average about GHS5million daily to their activities and it, thus, comes to us as refreshing news when the NPA arrests some believed to be neck-deep in these illegal activities that deprive the state of the needed taxes.
“Though we are very much aware of systems being put in place by the NPA to curtail this illegal trade downstream, we expect rather steeper sanctions such as a complete revocation of licences and surcharging to ensure the state recovers every cedi lost to their activities if these companies, indeed, have been found to have engaged in such negative practices as has been reported.”