Ghana Postpones Fuel Levy: Oil Companies Cite Unpreparedness

Ghana's Fuel Levy Delay: Oil Marketing Companies Cite Financial and Operational Challenges Ghana is currently facing a delay in the implementation of a new fuel levy. This decision has been met with mixed reactions from the public and various stakeholders. Dr. Riverson Oppong, CEO of the Chamber of Oil Marketing Companies, recently spoke out about the reasons for the delay in an interview with Channel One TV. He explained that the oil marketing companies were not financially or operationally prepared for the immediate implementation of the levy. "We were not ready financially and operationally," Dr. Oppong stated, emphasizing the complexities involved. He explained that the nature of the pre-payment or bonding system required for taxes on fuel sales necessitates significant upfront capital for oil companies. He highlighted the need for a one-week extension to allow companies to adequately prepare. The video shows scenes of people filling their vehicles with fuel, illustrating the impact of the delay on ordinary citizens. Dr. Oppong stated that the government has agreed to a one-week extension, allowing the companies to prepare for the new levy implementation starting on the 16th of this month. This demonstrates a collaborative effort between the government and the oil marketing companies to ensure a smooth transition and avoid further disruptions to fuel supply and pricing.