Business News of Wednesday, 11 August 2021
Source: classfmonline.com
2021-08-11
Former AOMCs Chairman, Mr Henry Akwaboah
Ghana has too many oil marketing companies, Mr Henry Akwaboah, outgoing chairman of the Association of Oil Marketing Companies, has observed.
The former MD of Engen Ghana Limited told Class91.3 FM’s Kofi Oppong Asamoah on the Class Morning Show on Tuesday, 10 August 2021 that: “At the last count, I think we had 170 OMCs”.
“If you look at a country like Ghana, with our population, the vehicle population and all that, in my candid opinion, we have too many players in there”, Mr Akwaboah stressed.
He noted that the current situation “has led to a certain situation whereby the stock turnaround of some oil service stations takes longer”.
“So, for example, you are supposed to pay the GRA in 21 days when you lift products but some OMCs are not able to pay in 21 days because they are still sitting with stock and, for me, it’s a situation that we have created that needs to be looked at”, he observed.