Ghana: OMCs Contribute GHc6 Billion Annually In Taxes

Oil Marketing Companies in the Republic of Ghana are contributing about GHc6 billion to the Ghanaian economy annually in a form of taxes, energynewsafrica.com can report.

The OMCs contribute GHc500 million in taxes on a monthly basis, translating into GHc6 million annually.

Currently, about 157 OMCs are operating in the West African country with a total of 3,869 outlets across the country.

Addressing a section of journalists in Accra, capital of Ghana, CEO of the Association of Oil Marketing Companies and Industry Coordinator, Mr Kwaku Agyemang Duah revealed that OMCs and LPGMCs investment in the country amounted to over US$4 billion.

Job creation

In terms of job creation, Mr Agyemang Duah revealed that OMCs have created over 60,000 direct jobs, adding that they have also created over 100,000 indirect jobs.

Challenges

Making a presentation on the progress, emerging challenges and way forward, Mr Agyemang Duah highlighted on some of the issues which are affecting the operations of their members.

He mentioned differential zonal pricing, illegal fuel trade, variation levies by various institutions at will, payment of taxes within 21+4 days, zonalisation with limited BDCs at various depots, maintaining high level of safety at all outlets as well as insurance bond as their challenges.

Way Forward

He said the OMCs were going to develop training packages, which would offer specialized operational training to employees of OMCs/LPGMCs business, on all levels of the organisation structure.

He added that there would be peer review/operational audit inspection which includes mystery shopping.

In his brief welcome remarks, Chairman of the Association of Oil Marketing Companies, Johnny Blagogee called on the media to collaborate with the Association in order to promote its activities.

Vice President of the association and CEO of Petrosol, Mr Michael Bozumbil noted that oil marking companies are major contributors of the Ghanaian economy.

He said apart from the huge taxes they pay to the government, they are also supporting the tourism industry because the washrooms in their outlets are mostly used by tourists who come into the country.

Source: www.energynewsafrica.com