BREAKING NEWS

    Ghana Commission Digital Petroleum Measurement Project to Increase Government Revenue

    Posted On 02 Jul 2020
    By :
    Comments: 16

    By Richard Adorsu-

    Photo Credit: World Customs Organization

    NEW AFRICA BUSINESS NEWS (NABN) Accra, Ghana- In order to realize its full revenue from various tank farms across the country, the Ministry of Finance and the Ghana Revenue Authority in collaboration with Strategic Mobilization Company, has commissioned a digital downstream petroleum products measurement project in Tema.

    Speaking at the commissioning ceremony, Finance Minister, Ken Ofori-Atta, said the new system will address discrepancies between GRA, the National Petroleum Authority, and companies in a bid to raise taxes for the state.

    He also stated that the electric metering which goes live on July 1, will eliminate losses of about two to three billion cedis within the downstream petroleum sector, by eliminating the old system where Customs officials had to use a dip stick to take measurement at customs bonded petroleum depots.

    “All the pipes entering every depot are tagged, so you know exactly what is coming in and all the pipes going out are also tagged so you know exactly what the quantities are. That then enables you to have numbers that are irreconcilable. Also, you will see the differences in numbers between the NPA, GRA and the companies themselves. So, we have eliminated that and it was about two to three billion cedis of losses. We are really excited about this change where we can now determine and get the exact revenues we want,” he said.

    New Africa Business News
    Africa’s Fastest Growing Global Newspaper. Forward www.newafricabusinessnews.com

    The General Manager of Strategic Mobilization Ghana Limited, SML, Christian Sottie, also says the system is being monitored in real time to boost efficiency.

    “There is always this confusion about what the actual figure is. So, this project was conceived to have an electronic IT solution to that problem whereby there will be no human intervention and the system will record what takes place in real time. This will ensure that products going in and coming out are recorded,” he said.

    The Commissioner General of Customs, Colonel Kojo Damoah, added that government is likely to accumulate more revenues with the new system.

    “If you know that within a certain time frame, you have lost close to about four billion, then using the same time period and volumes, you can conjecture, and you are likely to save close to about the same amount or more by the implementation of this new system”.

     

     

    Invest in Modern Africa
    Africa Fastest Growing Continent. Six of the World’s Ten Fastest Growing Economies are in Africa. More than Half of Global Population Growth between now and 2050 is Expected to Occur in Africa. This Decade Belongs to Africa as Technology Ripples through the Continent. Africa the Untapped Market. Africa Great Continent to Invest & Grow Business. Africa the Last Frontier for Investment. Africa is the Future.

     

    New Africa Business News Person of the year 2020
    Start Voting for New Africa Business News Person of the year 2020. Nomination Starts July 04 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 50 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com. New Africa Business News Person of the year will be Announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com 

     

    AFRICAN CONTINENTAL FREE TRADE AREA (AfCFTA)
    Accelerating Intra-African Trade and Boosting Africa’s Trading Position in the Global Market by Strengthening Africa’s Common Voice and Policy Space in Global Trade Negotiations. For More Information Contact: African Union Headquarters, P.O. Box 3243, Roosvelt Street W21K19, Addis Ababa  Ethiopia, Tel: +251 11 551 77 00  Fax: +251 11 551 78 44.

     

    Africa President of the year 2020
    Start Voting for Africa President of the year 2020. Nomination Starts February 01 & Ends December 15/ 2020. Please Submit your Nominee’s Name, Country, Brief Reason for the Nomination. Please Limit Submission to 100 words and One Submission per Person. Email all Nomination to info@newafricabusinessnews.com. Africa President of the year will be announced January 01/ 2021. New Africa Business News. Africa’s Most Read and Fastest Growing Global Newspaper.  www.newafricabusinessnews.com 

     

    HELP FIGHT CLIMATE CHANGE
     United Nations Environment Programme (UNEP) Leading Global Environmental Authority that Sets the Global Environmental Agenda, Promotes Coherent Implementation of the Environmental Dimension of Sustainable Development within the United Nations System, and Serves as an Authoritative Advocate for the Global Environment.  Visit:  www.unenvironment.org  

     

     

    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

    Facebook: newafricabusinessnews.com

    Email: Info@newafricabusinessnews.com

    AFRICA’S MOST READ AND FASTEST GROWING GLOBAL NEWSPAPER – www.newafricabusinessnews.com

    About the Author
    New Africa Business News Staff Correspondent
    1. Gerald July 2, 2020 at 2:33 am Reply

      Ghana and the whole continent are trying to invest in efficiency. Thank you for your reporting. Bangu, Central African Republic. Gerald.

    2. Kwabela July 2, 2020 at 2:40 am Reply

      Ghana revenue authority is one of the best tax generating department in Africa. Thanks for the reports. Kwabela in Accra, Ghana.

    3. Robert July 2, 2020 at 2:48 am Reply

      Thank you for all your reporting. Your online newspaper is the only newspaper that report stories in the whole Continent and accurately. JUBA SOUTH SUDAN. Robert.

    4. Yaw July 2, 2020 at 2:54 am Reply

      Mr. Adorsu LIKE TO THANK YOU FOR REPORTING, STORIES OF OUR GREAT COUNTRY GHANA AND OUR CONTINENT. YAW, KUMASI, GHANA.

    5. Johanessy July 2, 2020 at 4:16 am Reply

      Thank you for all your reporting, am a fan of new Africa business news. And thank you for signing me to your newsletter. NAIROBI KENYA!Johanessy

    6. Daniel July 2, 2020 at 4:34 am Reply

      I love the Leadership in Ghana, He is working for the people that elected him. Thank you for reporting. Daniel in Accra, Ghana.

    7. Barbara Ofosuhene July 2, 2020 at 9:17 am Reply

      Good initiative, kudos! This is a good Report Richard, thank you for reporting. Thank you New Africa Business News. Barbara, Accra,Ghana.

    8. Martha Nasangma July 6, 2020 at 1:16 pm Reply

      Thank you for an excellent work done.
      Hope to seeing more of such great works
      Martha, Accra-Ghana

    Leave a Reply

    *

    Facebook

    Latest Posts

    Liberia’s President George Manneh Weah bent on to build 100 Contemporary Housing Units in the Bong Country

    $280 Million Fish Imports into Nigeria in one Year Regardless of Import Restraints

    South Africa with Stakeholders, Signed Sugar Industry Master Plan to Diversify Revenue Sources

    Contact Form

    1. Name *
      * Please enter your name
    2. Email *
      * Please enter a valid email address
    3. Message *
      * Please enter message
    Copyright 2019 New Africa Business News, Inc. A Global International Company, Inc. All Rights Reserved.