CEO of the Chamber of Bulk Oil Distributors (CBOD), Senyo Hosi Listen to article
The CEO of the Chamber of Bulk Oil Distributors (CBOD) has praised Vice President Dr Mahammudu Bawumia and Finance Minister-designate, Ken Ofori Atta for stepping up and playing active roles to plug national revenue loopholes in the petroleum industry.
According to Senyo Hosi, the evasion of tax by some operators in the industry cost the nation about $1.9 billion in lost revenue which could have been used to provide much-needed social services and bolster the national economy.
He noted that even though successive governments have failed to live up to their promises to help address the issue, especially with regards to illegal fuel trading, Dr Bawumia and Mr Ofori-Atta have contributed remarkably to efforts to stem the tide.
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The Chamber of Bulk Oil Distributors (CBOD) has revealed that the government lost GH₵1.9billion to tax evasion in 2019, Mr Senyo Hosi, the CEO of CBOD has disclosed.
The Chamber blames the losses on a compromised Petroleum Product Marking Scheme (PPMS).
According to myjoyonlinecom Mr Hosi who made the revelation at the virtual launch of the 2019 Ghana Petroleum Industry Report in Accra, said the PPMS which was established in 2012 by the National Petroleum Authority (NPA) to respond to the growing occurrences of petroleum smuggling, dumping of untaxed products and adulteration of petroleum products was possibly compromised at the depots.
He noted that perpetrators of these illegal activities who often distribute their products through the traditional channels like retail outlets and bulk consumer points led to major losses in government revenue and compromised the quality of products, further leading to damage to vehicle engines and breaches of environmental and health standar
The Secretary-General of the African Continental Free Trade Area (AfCFTA), Wamkele Mene says it is about time Africa moved from being a net importer of refined petroleum products to become a net exporter.
Vice President Dr Mahamudu Bawumia has said the success of the African Continental Free Trade Area (AfCFTA) depends on the collaboration between industry and bureaucrats at the implementation level.
Vice President Dr. Mahamudu Bawumia has said the only way to build a self-sustaining continent is for African nations to cooperate with each other in trade and investment.