{"id":316401,"date":"2017-05-04T08:14:20","date_gmt":"2017-05-04T08:14:20","guid":{"rendered":"http:\/\/citifmonline.com\/?p=316401"},"modified":"2017-05-04T08:14:20","modified_gmt":"2017-05-04T08:14:20","slug":"banks-npls-to-worsen-over-huge-petroleum-debts-omcs","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/","title":{"rendered":"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs"},"content":{"rendered":"<p>The Non-Performing Loans (NPLs) of commercial banks is likely to worsen if government fails to stop the illegal trade in the petroleum downstream sector.<\/p>\n<p>According to the Association of Oil Marketing Companies (AOMCs), the development has made it difficult for their members to repay debts due to the low sales.<\/p>\n<p>The caution by the OMCs follows the surge in the <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2017\/04\/28\/illegal-fuel-importers-cost-ghc850m-loss-annually-npa\/\">illegal sale of petroleum products<\/a><\/strong><\/span> by unregulated businesses.<\/p>\n<p>\u201cIt\u2019s a very dire situation in that if this one continues we will not be able to service our debt obligation as we ought to because we rely on this sale of fuel to generate our revenue. So if the revenue is not forth coming it remains difficult to determine where you could get money to service your debt on a monthly basis,\u201d the CEO of the AOMCs, Kwaku Agyeman Duah said on <strong>Business Today<\/strong>.<\/p>\n<p>Already the NPLs of banks have increased by about 36 percent as at February this year 2017.<\/p>\n<p>Some banks have also cited the huge debt burden in the energy sector as reasons for their non performance in recent years.<\/p>\n<p>Mr. Agyeman-Duah further cautioned that the banks would be compelled to shy away from granting credit in order to avert the huge losses.<\/p>\n<p>\u201cIt\u2019s a chain reaction to affected banks, the non-performing loans of the banks will also be higher and if we don\u2019t take care we will have our banks recoiling to their old selves as they used to be,\u201d he observed.<\/p>\n<p>The unbridled activities carried out by the illegal traders have made the genuine businesses uncompetitive.<\/p>\n<p>This is largely due to the fact that the products of the genuine companies have been rendered uncompetitive as their products are relatively expensive compared to the illegal ones.<\/p>\n<p>The OMCs have also <span style=\"color: #666699;\"><strong><a style=\"color: #666699;\" href=\"http:\/\/citibusinessnews.com\/index.php\/2017\/05\/02\/omcs-to-sack-4000-workers-over-illegal-trade\/\">threatened of job layoffs <\/a><\/strong><\/span>which are likely to affect at least 4000 employees in the sector.<\/p>\n<p>They have since appealed to the Presidency to intervene after a two day ultimatum to get their concerns addressed.<\/p>\n<p>&#8211;<\/p>\n<p>By: Pius Amihere Eduku\/citibusinessnews.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Non-Performing Loans (NPLs) of commercial banks is likely to worsen if government fails to stop the illegal trade in the petroleum downstream sector. According to the Association of Oil Marketing Companies (AOMCs), the development has made it difficult for their members to repay debts due to the low sales. The caution by the OMCs [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,171,11],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs - Citi 97.3 FM - Relevant Radio. Always<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs - Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"og:description\" content=\"The Non-Performing Loans (NPLs) of commercial banks is likely to worsen if government fails to stop the illegal trade in the petroleum downstream sector. According to the Association of Oil Marketing Companies (AOMCs), the development has made it difficult for their members to repay debts due to the low sales. The caution by the OMCs [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/\" \/>\n<meta property=\"og:site_name\" content=\"Citi 97.3 FM - Relevant Radio. Always\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/citi97.3\" \/>\n<meta property=\"article:published_time\" content=\"2017-05-04T08:14:20+00:00\" \/>\n<meta name=\"author\" content=\"Kojo Akoto Boateng\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@citi973\" \/>\n<meta name=\"twitter:site\" content=\"@citi973\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Kojo Akoto Boateng\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/\",\"url\":\"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/\",\"name\":\"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs - Citi 97.3 FM - Relevant Radio. Always\",\"isPartOf\":{\"@id\":\"https:\/\/citifmonline.com\/#website\"},\"datePublished\":\"2017-05-04T08:14:20+00:00\",\"dateModified\":\"2017-05-04T08:14:20+00:00\",\"author\":{\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\"},\"breadcrumb\":{\"@id\":\"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/citifmonline.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/citifmonline.com\/#website\",\"url\":\"https:\/\/citifmonline.com\/\",\"name\":\"Citi 97.3 FM - Relevant Radio. Always\",\"description\":\"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/citifmonline.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1\",\"name\":\"Kojo Akoto Boateng\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/citifmonline.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g\",\"caption\":\"Kojo Akoto Boateng\"},\"url\":\"https:\/\/citifmonline.com\/author\/kojo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs - Citi 97.3 FM - Relevant Radio. Always","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/","og_locale":"en_US","og_type":"article","og_title":"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs - Citi 97.3 FM - Relevant Radio. Always","og_description":"The Non-Performing Loans (NPLs) of commercial banks is likely to worsen if government fails to stop the illegal trade in the petroleum downstream sector. According to the Association of Oil Marketing Companies (AOMCs), the development has made it difficult for their members to repay debts due to the low sales. The caution by the OMCs [&hellip;]","og_url":"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/","og_site_name":"Citi 97.3 FM - Relevant Radio. Always","article_publisher":"https:\/\/www.facebook.com\/citi97.3","article_published_time":"2017-05-04T08:14:20+00:00","author":"Kojo Akoto Boateng","twitter_card":"summary_large_image","twitter_creator":"@citi973","twitter_site":"@citi973","twitter_misc":{"Written by":"Kojo Akoto Boateng","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/","url":"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/","name":"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs - Citi 97.3 FM - Relevant Radio. Always","isPartOf":{"@id":"https:\/\/citifmonline.com\/#website"},"datePublished":"2017-05-04T08:14:20+00:00","dateModified":"2017-05-04T08:14:20+00:00","author":{"@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1"},"breadcrumb":{"@id":"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/citifmonline.com\/2017\/05\/banks-npls-to-worsen-over-huge-petroleum-debts-omcs\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/citifmonline.com\/"},{"@type":"ListItem","position":2,"name":"Banks\u2019 NPLs to worsen over huge petroleum debts \u2013 OMCs"}]},{"@type":"WebSite","@id":"https:\/\/citifmonline.com\/#website","url":"https:\/\/citifmonline.com\/","name":"Citi 97.3 FM - Relevant Radio. Always","description":"Ghana News | Ghana Politics | Ghana Soccer | Ghana Showbiz","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/citifmonline.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/1642ef473fe39bf0c4e2f2f252678eb1","name":"Kojo Akoto Boateng","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/citifmonline.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/ba51f5385119e83762c67ecd6aa410ab?s=96&d=mm&r=g","caption":"Kojo Akoto Boateng"},"url":"https:\/\/citifmonline.com\/author\/kojo\/"}]}},"_links":{"self":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/316401"}],"collection":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/users\/14"}],"replies":[{"embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/comments?post=316401"}],"version-history":[{"count":0,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/posts\/316401\/revisions"}],"wp:attachment":[{"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/media?parent=316401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/categories?post=316401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/citifmonline.com\/wp-json\/wp\/v2\/tags?post=316401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}