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Illegal fuel trade cost Ghana $403m in 2017

Ghana lost GH¢1.8 billion through illicit trade activities in the petroleum sector last year, a 2017 industry report on the petroleum sector has revealed

The Chamber of Bulk Oil Distributors say lack of commitment from the security agencies in Ghana is the cause of the rise of illegal fuel trade in  Ghana.

In a latest report released by the Chamber, illegal fuel trade cost the country some $403m (1.9 billion cedis) in 2017.

According to the report there are three main factors that accounted for the losses to the country.

For instance, transfer pricing cost the country some 148 million cedis, alongside unreported ESLA receipts amounted to 915 million cedis between 2016 and 2017.

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Smuggling and dumping of fuel products are no exceptions as it cost Ghana about 1.4 billion cedis.

CEO of the Ghana Chamber of Bulk Oil Distributors, Senyo Hosi is displeased with the losses.

“Reports that we get suggest that there are officials in national security, in the GRA customs as well as persons at the presidency and other government agencies who are involved. It is not just in this regime, it also had to do with the previous regime. So the perpetrators of this crime are very well bedded across the political divide. They are never out of government,” he lamented.

The Chamber’s report blamed the lack of commitment from the security agencies for the rise in illegal trade in the petroleum sector.

“Across the political divide, NPP, NDC none of them have really shown the political will. You will find the NPA, Ministry trying but to deal with this is not just a regulators matter. This borders on criminality. So it has to be addressed from that perspective.”

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But the National Petroleum Authority says it is unaware of the involvement of the government officials in the fuel smuggling syndicate.

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