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2016: Energy Sector Levies raked in GH¢3.3bn

7782745477898_3413701137165The previous government exceeded its target of GH¢3.2billion as far as revenue from the Energy Sector Levies (ESL) is concerned.

A total amount of GH¢3.2 billion was programmed to be collected for the year 2016.

Actual collections at the end of the year was GH¢3.3 billion, according to Finance Minister Ken Ofori-Atta, who read the 2017 budget to parliament on Thursday, 2 March.

He said a breakdown of the utilisation of the levies is provided in the Budget Statement.

Meanwhile, Mr Ofori-Atta said: “A few challenges have been encountered in the utilisation of the proceeds and we will have to come to this august House for an amendment of the Act.”

The Energy Sector Levies were introduced by the government of John Mahama in 2015. Defending the introduction of the ESL, Mr Mahama told parliament in his State of the Nation Address in February 2016 that the decision was necessary to protect state institutions from sinking under huge debts. According to Mr Mahama, at the time, the Volta River Authority (VRA), the Ghana Grid Company (GRIDCo) and the Electricity Company of Ghana (ECG), all owed colossal sums of legacy debts that could collapse Ghana’s power sector if not redeemed.

In the 2017 budget, Mr Lno%Ath*mNnounced ancf !M(qD[L from 17.5% to 15%. Also, the excise duty on petroleum is to be scrapped.

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Source: Ghana/ClassFMonline.com/91.3FM

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