The Chamber of Bulk Oil Distributors (CBOD) has expressed its support for a new standard for measurements in the oil and gas sector.
This follows a statement by the Ministry of Energy that issued a directive to the Ghana Revenue Authority (GRA) outlining the adoption of the new standard, which was developed in collaboration with the Ghana Standards Authority (GSA), the Ministry of Trade and Industry, and other stakeholders.
The CBOD in a statement said:
the implementation of a unified measurement system certified by the GSA is a positive step toward ensuring accurate and reliable data in the sector.
Emphasising the importance of a well-regulated oil and gas industry, the Chamber also called for a system where private sector entities take on specific management roles under a government-enforced regulatory framework.
Proposing a standardized approach, the CBOD suggested that meters certified by the GSA be installed by entities such as the Depot, the National Petroleum Authority (NPA), or the GRA, with the GSA responsible for regular meter calibration.
“This aligns with international best practices, streamlining the calibration process and reducing costs for consumers. The CBOD stresses the significance of maintaining standards set by regulatory bodies like the GSA and the Ministry of Trade and Industry to ensure transparency and efficiency in revenue assurance within the oil and gas sector,” it said.
The Chamber acknowledges GRA’s efforts to safeguard government revenue but highlights the importance of compliance with established standards for all institutions involved in revenue assurance.
“Looking ahead, the CBOD welcomes further dialogue led by the Ministry of Energy with relevant stakeholders to enhance transparency and efficiency in measurement systems within the oil and gas sector. The Chamber remains committed to supporting initiatives that promote best practices and regulatory oversight to serve the national interest effectively,” the Chamber added in a statement.
BY Prince Fiifi Yorke