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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

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    Come clean on gold-for-oil ‘fiasco’ – COPEC to govt

    Ghana paid cash for 40,000 tons of oil instead of gold – Egyapa Mercer confirms

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Stop restricting BDCs – PEF to Gov’t

bycitibusinessnews
June 27, 2014
in Business, Oil And Gas, Top Stories
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The Chief Executive Officer of the Private Enterprises Federation (PEF), Nana Osei Bonsu says government has no business in interfering in the market activity of the Bulk Oil Distribution Companies (BDCs).

He accused government of making it difficult for private sector businesses such as the BDCs to operate.

Nana Bonsu explained that “BDCs are private sector players who import a product, incur some costs and borrow from the banks. Now, they have almost exhausted their line of credit with the banks making the banks also at risk of default. If these two private sector players default, that is going to be very detrimental to the economy.”

Speaking at the Citi FM’s roundtable discussion at the Coconut Grove Regency Hotel in Accra, the PEF boss advised government to “wake up and sit up” by allowing the private sector businesses to run their activities without any hindrance.

According to him, the provision of subsidies on petroleum product is “a delay in the recovery of the full cost of the pricing.”

“Unless Government can refund all the areas to the BDCs they are at a crossroads where they can fail. If they fail, they will take the banks with them.”

He went on to highlight the fact that the inefficient electricity supply in the country has led to a higher demand for petroleum products to power generators that are now the maximum source of electricity for many businesses.

He said: “If businesses want to operate, they now have to buy generators and if there is an additional cost of petroleum that will feed the generator, then they’ll have to bear additional cost of utility to do their business.”

He was of the view that there is a need for a discussion not only to identify where the problems facing economy and the mechanisms needed to boost growth.

He said: “We cannot take bandage solutions to fix the hurricane of a problem that is sweeping us at this juncture. This is about mechanisms of pricing a product that is essential and we going about it in the wrong way.”

Ghanaians are currently experiencing fuel shortage due to the refusal of the BDCs to sell their stock of fuel.

The BDCs say they are unable to supply petroleum products because government has not paid an amount of over GHC 1.5billion due them from subsidies.

Even though government has reportedly released $60 million to the BDCs, the fuel shortage has not eased.

 

By: Ewurabena Hagan/citifmonline.com/Ghana
Follow @ewurabenaGH

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