ACEP Advocates for Conversion of Petroleum Margins into Tax Revenues
Proposal aims to free up GH₵6.3 billion annually for critical government projects
- ACEP is urging the government to convert all petroleum margins into tax revenues
- Kudzo Yaotse, explained that redirecting these funds could significantly support vital programs
- He also stressed the importance of addressing the energy sector’s debts in the short to medium term
The African Centre for Energy Policy (ACEP) is urging the government to convert all petroleum margins into tax revenues, a move that could free up approximately GH₵6.3 billion annually for critical national projects.
Speaking at a press conference on Ghana’s Downstream Petroleum sector, ACEP’s Policy Lead for Petroleum and Conventional Energy, Kudzo Yaotse, explained that redirecting these funds could significantly support vital programs, particularly in education and infrastructure.
He pointed out the financial challenges facing social programs like the Free Senior High School policy, emphasizing the need to allocate more resources to the education sector.
“Converting the UPPF, BOST Margin, Fuel Marking Margin, and CRM Margin into tax revenues and redirecting these funds towards development would save the economy GH₵6.3 billion, helping to support social programs and infrastructure,” Yaotse said.
Additionally, Yaotse called for the commercialization of the Bulk Oil Storage and Transportation (BOST) company, recommending that it be listed on the stock exchange to ensure greater transparency and accountability in its operations.
He also stressed the importance of addressing the energy sector’s debts in the short to medium term to facilitate future development.
“We need to commercialize BOST and list it on the stock exchange. This will enhance transparency and ease the burden on consumers. Addressing energy sector debts is crucial for sustainable development,” he added.
