Ghana: COMAC Decries GRA’s Slow Pace In Addressing Serious Regulatory Concerns

The Chamber of Oil Marketing Companies (COMAC) has expressed outrage over what it describes as the Ghana Revenue Authority’s (GRA) failure to treat with urgency key regulatory concerns formally submitted for resolution, despite the gravity of the issues involved.

According to the Chamber, it recently drew the attention of the GRA to a significant discrepancy in its system regarding the due date for tax remittance on petroleum product liftings—an issue COMAC believes poses a serious threat to stability and fairness in the petroleum downstream sector.

The Chamber noted that despite repeated requests for regulatory intervention, its concerns continue to be overlooked.

“This error exposes oil marketing companies to unnecessary compliance risks and potential penalties, undermining confidence in the fairness and consistency of the tax administration process,” COMAC said in a statement signed by its Chief Executive Officer and Industry Coordinator, Dr. Riverson Oppong.

COMAC described the continued lack of response and corrective action as a disregard for the legitimate concerns of industry stakeholders.

It further observed that the situation not only disrupts the operations of oil marketing companies but also sets a troubling precedent for regulatory engagement within Ghana’s petroleum sector.

The Chamber emphasized that the ongoing regulatory lapses pose serious challenges not only to industry players but also to consumers, the broader national economy, and international investor confidence.

It warned that failure to address the issue could result in fuel supply disruptions, price instability, reduced investor confidence, and wider economic ripple effects.

In view of these concerns, COMAC has demanded immediate and transparent action from the GRA, including the reduction of excessive bureaucracy that hampers effective and timely decision-making, correction of the tax remittance due date in the GRA system to reflect the approved regulatory timeline, and prompt resolution of all outstanding requests for regulatory intervention submitted by member companies.

The Chamber reaffirmed its commitment to full compliance, transparency, and continued partnership with the GRA.

Meanwhile, an official of the Ghana Revenue Authority has told this portal that the Authority is already working to address the concerns raised by the Chamber.