Rev. Ammishaddai Owusu-Amoah, Commissioner General of the Ghana Revenue Authority, says the agency has implemented steps to prevent tax defaults by Oil Marketing Companies (OMCs).
The 2022 Auditor General’s report revealed that 18 OMCs owed more than GH¢3 million in taxes.
Rev. Owusu-Amoah stated that while the Authority was in court to recover these taxes, some precautions had been implemented to prevent defaults.
“Some of the measures that we have put in place, Mr. Chairman, is that now previously we had all insurance companies being able to provide bonds for OMCs. Today we have done our appraisal of insurance companies, and today we have only eight insurance companies. We have also done appraisals of insurance companies, giving them limits. So we have looked at their balance sheets and determined how much they can provide, they can guarantee in terms of individual bonds, in terms of overall bonds. And then we have also asked the rest to go to banks for guarantees. We have also implemented a system where as soon as you fail, the system blocks you,” he added.
