GRA errors, ‘excessive bureaucracy’ threaten fuel supply, investor confidence – COMAC warns      

The Chamber of Oil Marketing Companies (COMAC) has warned that Ghana Revenue Authority (GRA) failure to resolve critical issues affecting the downstream petroleum sector risks disrupting fuel supply, increasing prices at the pumps and spurring a potential exodus of foreign investors in the sector.

In a statement, COMAC said the sector is being destabilised by GRA’s persistent regulatory failures and “excessive bureaucracy”.

The Chamber accused GRA of a “continued lack of response and corrective action”, which it labels a “disregard for the legitimate concerns of industry stakeholders” – revealing that private appeals for intervention have been overlooked.

The Chamber identified a discrepancy in GRA’s own system regarding the due date for tax remittance on petroleum product liftings. This systemic error, the Chamber alleged, wrongly exposes its member companies to compliance breaches and financial penalties for late payment, a fault not of their own making.

“This error exposes Oil Marketers to unnecessary compliance risks and potential penalties, undermining confidence in the fairness and consistency of the tax administration process,” read a portion of the statement signed by Dr. Riverson Oppong, Chief Executive Officer-COMAC .

These regulatory penalties and inefficiencies, COMAC argues, inflate operational costs which it said “could be passed on to consumers in the form of higher fuel prices”.

According to the Chamber, this will severely impact transportation, industry and households nationwide – refuelling inflation.

COMAC cautioned that GRA’s posture taints the country’s attractiveness for foreign capital. It revealed that several member companies have attracted “significant international investor interest” which is now in jeopardy.

It warned that investors monitoring Ghana for “transparency, consistency and responsiveness” may now “reconsider their commitments, delay planned investments or divert capital to more stable markets”.

However, COMAC argues that such a retreat would damage not only the downstream sector’s competitiveness but also “Ghana’s reputation as a preferred destination for foreign direct investment in the energy sector and beyond”.

It therefore called for “immediate and transparent action” to reduce the “excessive bureaucracy that negatively affects effective and efficient decision-making” at GRA.

It also urged GRA to correct the tax remittance due date error in their system and address all outstanding regulatory intervention requests from its members.

While reiterating its commitment to compliance and partnership, the Chamber stressed that: “Continued inaction will compel the Chamber to escalate its advocacy efforts to safeguard the interests of its members, Ghanaian consumers and integrity of the national economy”.

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