Day: June 27, 2024

The Chamber of Bulk Oil Distributors’ (CBOD) has welcomed the new standard for measurements in the oil and gas sector.

The new standard, developed by the Ghana Standards Authority (GSA) in collaboration with the Ministry of Trade and Industry and other stakeholders is expected to ensure revenue assurance in the oil and gas sector.

In a statement, the CBOD applauded a directive by the Ministry of Energy, mandating all entities involved in revenue assurance measurements within the oil and gas sector to comply with the new standard .

The Chamber said a single unified measurement system certified by the GSA is sufficient to ensure accurate and reliable data.

‘CBOD emphasises the importance of a streamlined and well-regulated oil and gas sector.

The Chamber advocates for a system where the private sector plays a more prominent role in managing specific aspects with the government maintaining an overarching regulatory framework and enforcing standards,’ the statement said.

The Chamber proposed a standardised
approach, where meters mandated by the GSA could be installed by either the Depot, the National Petroleum Authority (NPA), or the Ghana Revenue Authority.

Under the proposed arrangement, the CBOD said the GSA would be responsible for the regular calibration of the meters in accordance with international best practices.

The Chamber said the duplication of functions by several entities was at a cost to the consumer.

‘The Chamber acknowledges GRA’s quest to ensure revenue assurance for Government.

‘Nevertheless, any institution, whether private or public, mandated to undertake that on Government’s behalf, should do so in compliance with standards set by both the GSA and the Ministry of Trade Industry to ensure a transparent and efficient measurement system within the oil and gas sector,’ the Chamber said.

Source: Ghana News Agency

Former staff and customers of the defunct Groupe Nduom (GN) Bank have asked the Bank of Ghana to restore the license of the Bank to bring back jobs and promote financial inclusion.

The group made the call during the ‘Bring Back GN Bank’ campaign at the Kaneshie Market in Accra.

Mr. Philip Sarpei, a former staff member of the Bank, said: ‘Currently, as a young person, I am unemployed. What can I do to make money to support myself and my family? I launched a business to support myself, but it isn’t enough. Things are very bad for some of us because we have been jobless since the Bank of Ghana collapsed GN Bank.’

He said some former staff of the Bank had also been stigmatised by potential hirers, denying them employment opportunities just because they had worked with the defunct GN Bank.

Mr. Sarpei urged the BoG and the Finance Ministry to do the needful and ensure that the Bank’s license was restored.

‘The Bring Back GN Bank’ campaign is spearheaded by the founder of the Bank, Dr. Papa Kwesi Nduom.

The ca
mpaign, among other objectives, seeks to mount pressure on the government to pay debts owed to the Bank and restore its banking license.

Dr Nduom has visited five regions since the commencement of the campaign in late May.

Madam Cecelia Boateng, a trader at the market, bemoaned the collapse of GN Bank, saying access to credit and other financial services had been severely impacted.

She lamented that services provided by the defunct bank had been ignored and untapped by other financial institutions. 

Madam Araba Ansah, another trader at the market, said following the collapse of GN Bank, she was unable to save with any bank and that she took sales home daily.

Source: Ghana News Agency