Business News of Wednesday, 3 May 2017Source: kasapafmonline.comGhana risks losing GH?1bn to oil smugglers in 2017 – OMCs warnsSmuggling denies government of the needed revenueIf Ghana does not map out strategies to curtail the activities of oil smugglers, it will lose a whooping amount of GH?1billion in 2017, the Association of Oil Marketing Companies (AOMCs) has warned. “It the activities of smugglers of petroleum products are not brought to a halt but rather made to continue, the government will be losing over GH?1billion by the end of this year [2017],” noted Mr. Agyemang-Duah. In February, 2017, the industry witnessed a volume drop by 19%, an alarming situation which the Industry-Coordinator stressed, should be curtailed immediately “before things get out of hand”. Further to that, an estimated number of 4,000 workers in the industry risk losing their jobs at the end of May. These products, he said, are sold at cheaper prices than those of the OMCs whose prices contain all the “full blown taxes/levies.”

Source: GhanaWeb May 03, 2017 13:07 UTC