The Chamber of Oil Marketing Companies (COMAC) has raised fresh concerns about what it describes as regulatory lapses by the Ghana Revenue Authority (GRA), warning that unresolved issues could threaten stability in the petroleum downstream sector.
In a statement issued on Monday, COMAC said it had repeatedly sought regulatory intervention over challenges facing its members but claimed these concerns had not been adequately addressed. The Chamber’s latest concern relates to what it describes as a discrepancy in the GRA’s tax administration system regarding the due date for remittance of taxes on petroleum product liftings. According to COMAC, the error exposes oil marketing companies to compliance risks and possible penalties, despite their efforts to meet regulatory requirements. COMAC said the situation undermines confidence in the fairness and consistency of tax administration within the sector and disrupts the operations of its members.
“The continued lack of response and corrective action sets a troubling precedent for regulatory engagement in Ghana’s petroleum sector,” the statement said.
The Chamber warned that the issue could have wider implications beyond oil marketing companies, including potential fuel supply disruptions and price instability. It said unresolved compliance challenges and operational uncertainty could affect the availability of petroleum products for consumers, businesses and households across the country.
COMAC also raised concerns about investor confidence, noting that several oil marketing companies have attracted interest from international investors. It warned that continued regulatory uncertainty could deter foreign investment or lead investors to redirect capital to more stable markets.
“The petroleum downstream sector is a critical driver of economic activity,” the statement noted, adding that inefficiencies could have ripple effects on employment, commerce and government revenue.In response to the situation, the Chamber called on the GRA to take immediate and transparent action. Among its demands are a reduction in what it describes as excessive bureaucracy, a correction of the tax remittance due date in the GRA’s system to reflect regulatory timelines, and the resolution of outstanding requests submitted by member companies.
COMAC said it remains committed to compliance, transparency and cooperation with the tax authority, but warned that continued inaction could lead to further steps to protect the interests of its members and consumers.
The GRA has yet to publicly respond to the concerns raised by the Chamber
