GhanaReview International - The Leading Ghanaian News Agency
London New York Accra
GRi Latest News
Monday 20 November 2017

2017-11-14

[N] E/R: Driver, 19, Jailed 8 Years For Kidnapping And Defiling Girl, 13
[N] Special Prosecutor could wait till 2019 if parliament misses 2017 passage
[N] Petroleum Revenue Mgt. Act breached for 7-yrs running – PIAC
[N] CEDTAG Strike action leaves colleges of education deserted
[N] Nduom is not presidential material -Maurice Ampaw
[N] Police blame Kasoa violent attacks on under-staffing

2017-11-10

[N] GMA indicts gov't for failing to employ medical doctors
[N] Ministers are not allowed to use sirens; Police order immediate removal
[N] Stay focused and deal with your controversies – Nana Addo to Zoomlion Boss
[N] We will face criminals boot for boots with ‘Father Xmas’ Operation -Ken Yeboah
[N] Step aside – Group to NDC Chairmen
[N] School Feeding Coordinators Trade Insults Over Naabu & Otiko
[N] Major Mahama bill passed

2017-11-09

[N] Free SHS: Ablakwa Donates Furniture to Schools
[N] Girls with excessive make ups may have ovary tumour – doctor
[N] Visitors pay GHc2 to see prisoners
[N] Consider our request to contest 2020 polls -NDC Chairmen to Mahama
[N] Colleges of Education still closed as talks over arrears fail
[N] Economic policies paying off - Prez
[N] Cancer disfigures head of 2-year old, sticks mother with ¢12,000 bill
[N] There is corruption in police service- COP Ken Yeboah
[N] 3 arrested in Kumasi for robbing, raping victims

2017-11-08

[N] Help Gov’t to achieve its revenue targets -Nana Addo to GHAPOHA
[N] NPA to close down 35 more high-risk LPG stations nationwide
[N] Uber adds Paid Wait Time; additional features for driver-partners
[N] ‘Bawumia is only confident, he knows nothing’- Minority
[N] A/R: Queen mothers grateful to 1st lady for KATH mother & baby unit
[N] If our bond was issued at 20% it would have been oversubscribed- Kwarteng hits b
[N] Tiger Eye F’dation Partners Klarity To Fight Corruption
[N] AG’s application against Indian businessman dismissed again

2017-11-07

[N] Bawumia behaving like a ‘heartless’ serial caller – Ofosu Kwakye
[B] 2018 budget to improve domestic revenue collection
[N] 24,377 cattle, 225 owners registered in Kwahu
[N] New agency inaugurated to boost revenue collection in oil and gas sector
[B] New Drivers’ License to be launched today
[N] Tell the true African stories through your writings – Nana Addo to PAWA
[B] Investor uncertainty, others impacted energy bond  

2017-11-06

[N] Sack Freddie Blay for defending Ayisi Boateng – Alhaji Sani
[B] Energy bond unsuccessful after two tries

2017-11-05

[N] 'We won't compromise on admission malpractices' - UCC & its affiliates
... go Back
 
General News

[ 2017-11-07 ]

New agency inaugurated to boost revenue collection in oil and gas sector
Finance Minister Mr Ken Ofori-Atta has inaugurated
the Multi-Agency Petroleum Revenue Committee
(MAPREC) to coordinate the efforts of state
institutions in the oil and gas sector in order to
improve petroleum revenue collection.

The Committee, with membership from the Ministry
of Finance, the Ghana Revenue Authority, Petroleum
Commission, Ghana National Petroleum Corporation,
Bank of Ghana and Ministry of Energy will come out
with pragmatic measures to address the challenges
associated with the petroleum revenue collection.

The Committee under the Chairmanship of Kweku
Kwarteng, Deputy Minister of Finance, would work
to identify constraints that have caused
underperformance of oil and gas revenue, and adopt
remedial measures to improve collection.

The set-up of the committee followed a study
undertaken by the Ghana Oil and Gas for Inclusive
Growth (GOGIG) Programme in partnership with the
Ghana Revenue Authority to assess and identify
potential revenue losses along the oil and gas
decision chain.

The study was to provide further understanding of
the constraints in petroleum revenue collection
while informing the Ghana Revenue Authority and
the GOGIG Programme of appropriate areas for
interventions that optimize revenue collection.

The work of the MAPERC will bridge the
coordination gap existing amongst state
institutions in the oil and gas sector to improve
revenue collection.

Mr Ofori-Atta said revenue generation was a major
challenge and therefore any effort geared towards
finding avenues to ensure that those who have to
pay do so and to create a society in which people
fulfil their tax responsibility was welcomed.

He said the non-payment of taxes was very
pervasive either through the lack of knowledge or
the inability of the country’s systems to capture
them.

While there were about 10 million economic active
people, out of which about four million in formal
employment, only 1.1 million people paid their
taxes.

The informal sector where the bulk of economic
activities occur, have only 200,000 paying their
taxes.

Mr Ofori-Atta said to reverse some of these trends
in the oil sector, the committee would work to
push understanding among stakeholders and increase
accountability, which was key to getting the
necessary revenue from the oil and gas sector.

He suggested the expansion of the membership of
the Committee to include the Ghana Ports and
Harbours Authority, the Maritime Authority, and
the National Petroleum Authority, to ensure not
only the coverage of the upstream sector but also
the downstream as well.

Ms Adelaide Addo-Fenning, Team Leader GOGIG, said
the five-year governance programme was aimed at
promoting inclusive economic growth in Ghana by
improving the management of the country’s oil and
gas resources.

She said a key objective was to improve revenue
capture, adding that the success of the programme
would be measured by the extent to which GOGIG was
able to support government to increase revenue
from the sector as well as strengthen policy and
regulatory framework.

Ms Adelaide Addo-Fenning said the DFID-funded
GOGIG programme was to also help address capacity
constraints by improving the capacity of
government agencies involved in the management of
Ghana’s nascent oil and gas sector, as well as
engaging with a variety of accountability actors
involved in improving public scrutiny of the
sector.

“A key objective is to support government to
maximize the benefits that can be derived from the
nascent industry. Clearly all indicators show that
it is going to be key driver of economic growth in
the short and medium term,” Ms Addo-Fenning
added.

She said GOGIG in the past two years had provided
capacity building support to the Ghana Revenue
Authority, help with the income tax act, and
Petroleum Revenue Management Act regulations.

She said a study carried out in collaboration with
GRA to identify areas of potential revenue losses
and to enhance revenue capture in the Petroleum
Industry, showed the need for coordination among
the institutions involved in the sector.

It also stressed the need to clarify guidelines
and regulations, as well as simplifying some of
the arrangements.

“If the agencies are better coordinated there is a
better chance of raising more revenue,” she added,
and pledged GOGGI continuous support to the
institutions and the committee.

Source - Ghana News Agency



... go Back

 
Add YOUR View here

Ghana Review International (GRi) is published by Micromedia Consultants Ltd. T/A MCL - a wholly Ghanaian owned news agency. GRi is an independent publication and is non-aligned to any political party or interest group, within or outside of Ghana. It is a reliable source of information for Ghanaians and non-Ghanaians alike. This magazine will be of interest to any person with an interest in Ghana, Ghanaians and Africans, wherever in the world they live. This website is the on-line arm of the publication. It contains news and reviews on Ghana and the international communities.

All pages are © Copyright Ghana Review International (GRi) 1994 - 2016