Audio By Carbonatix
Government has released about 100 million dollars to clear some debts owed bulk importers of petroleum products.
This is expected to improve the financial position of these companies for continuous supply of fuel on the market.
The bulk distributors in the past have complained that delays in clearing the 700 million Ghana cedi debt might lead to shortage of the products on the market.
But government on the other hand puts the amount at a little lower than what the companies are quoting.
Chief Executive of National Petroleum Authority Alex Mould told Joy Business, "The BDC (Bulk Distribuiton Companies) were owed about 315 million Ghana cedis, over half of that would be paid leaving a balance of 150 million Ghana cedis.
"There is also a request by the BDC for the government to pay the forex lost that they incurred when the cedi depreciated from 2011 to 2012 and also they are claiming an interest payment of late payment of the subsidies. This is still being reviewed by the NPA, the Ministry of Energy and Ministry of Finance."
Meanwhile checks by Joy Business indicate that the funds are yet to hit the various accounts of the Bulk Distribution Companies.
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Tags:
DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
Latest Stories
-
Goldbod is rewriting Ghana’s gold story and restoring national value – Senyo Hosi asserts
9 minutes -
Goldbod: Loss or no loss? The price of everything and the value of nothing
14 minutes -
Government settles US$709m Eurobond obligations ahead of due date
15 minutes -
Low inflation and cheaper imports show Goldbod’s true economic value – Senyo Hosi
17 minutes -
VAT reforms: GRA raises registration threshold to GH¢750,000, cuts rate to 20% from Jan. 2026
19 minutes -
NPP Primaries: Dr Bawumia takes commanding 73% lead — latest Global InfoAnalytics report
31 minutes -
DGPP helped Ghana defy IMF currency forecasts and stabilise the Cedi – Senyo Hosi
32 minutes -
Guinea junta chief wins presidency in controversial election
35 minutes -
Cassava from reclaimed mine lands found to contain unsafe cyanide and lead levels – Study reveals
42 minutes -
Gov’t settles $709m eurobond payment ahead of schedule – Ato Forson
48 minutes -
Fuel prices set to drop from Jan 1, 2026 on cedi strength and falling crude prices
51 minutes -
‘Be vigilant, be professional’ – Private security guards urged to stay alert during festivities
55 minutes -
NPP race: Bawumia holds commanding lead – Global InfoAnalytics
1 hour -
Goldbod has slashed gold smuggling and boosted official exports – Senyo Hosi
3 hours -
Israel to bar 37 aid groups from Gaza
3 hours
