{"id":304732,"date":"2017-03-25T16:24:36","date_gmt":"2017-03-25T16:24:36","guid":{"rendered":"http:\/\/citifmonline.com\/?p=304732"},"modified":"2017-03-25T16:24:36","modified_gmt":"2017-03-25T16:24:36","slug":"ghana-loses-gh%c2%a2-490m-to-illegal-imports-bdcs","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/03\/ghana-loses-gh%c2%a2-490m-to-illegal-imports-bdcs\/","title":{"rendered":"Ghana loses GH\u00a2 490m to illegal imports \u2013 BDCs"},"content":{"rendered":"

The Chamber of Bulk Oil Distributors (CBOD) has made a strong case for the government to clamp down on all importers of illegal products into the market if it is to provide fair competition in the industry.<\/p>\n

[contextly_sidebar id=”zv417Y8VJYGWwd5EKewmGDBwkUSugmhP”]The Chamber argues that the perpetuation of the act led to a revenue loss of about 490 million cedis in 2016 alone.<\/p>\n

The Chief Executive of the Chamber of Bulk Oil Distributors, Senyo Hosi also tells Citi Business News<\/strong> the development, if unchecked could render legal operators in the industry insolvent and in extreme cases, inoperable.<\/p>\n

\u201cIllegal products have flooded the market; people claim to be exporting products but drop them here. Losing a minimum of 490 million cedis is a major problem\u2026I bring in products in a legitimate way and I have to pay taxes and that will affect my final pricing but those who import illegal products will sell at a lower price because there is no tax component factored into the pricing,\u201d he said.<\/p>\n

Mr. Hosi added, \u201cIf I am forced to reduce my prices, that will be unfair to me\u2026We must clamp down on the illegality and make sure things are consistent; people cannot keep evading taxes unfairly while others are subjected to pay.\u201d<\/p>\n

The CBOD boss was speaking at the AGM of the Chamber in Accra.<\/p>\n

Debt to BDCs estimated at 1.78 billion cedis<\/strong><\/p>\n

He further bemoaned how the government\u2019s indebtedness is hampering the activities of the industry.<\/p>\n

Currently, the government is indebted to the Bulk Oil Distribution Companies (BDCs) to the tune of about 1.78 billion cedis.<\/p>\n

This was after total receipts of about 1.024 billion cedis from the government in the last quarter of 2016 and 47 million cedis in January 2017.<\/p>\n

The debt comprises Forex Loss Under-recoveries (FLUR), Real Value Factor (RVF) and FLUR interest.<\/p>\n

Other concerns highlighted by the CBOD centered on regulations to guide the role of government\u2019s support to parastatal agencies.<\/p>\n

In the Chamber\u2019s view, the policies should among others create a level playing ground for all players to benefit from the market.<\/p>\n

Outlook for 2017<\/strong><\/p>\n

Though the Chamber views 2016 as a challenging one, it is, however, hopeful that 2017 provides an opportunity to turn around its dwindling fortunes.<\/p>\n

This will also require responsible competition and astute management of its operations.<\/p>\n

–<\/p>\n

By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"

The Chamber of Bulk Oil Distributors (CBOD) has made a strong case for the government to clamp down on all importers of illegal products into the market if it is to provide fair competition in the industry. [contextly_sidebar id=”zv417Y8VJYGWwd5EKewmGDBwkUSugmhP”]The Chamber argues that the perpetuation of the act led to a revenue loss of about 490 […]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,170,11],"tags":[],"yoast_head":"\nGhana loses GH\u00a2 490m to illegal imports \u2013 BDCs - Citi 97.3 FM - Relevant Radio. 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