Another ¢7.4 Trillion Loss By The State

.... through another Destination Inspection Company

The revelation by the DAILY POST yesterday that Ghana lost ¢22.4 trillion is just a tip of the iceberg of the quantum of revenue lost by the state as a result of the dubious activities of importers and clearing agents at the Tema and Takoradi Habours. The nation is losing far more than that, our intel sources indicate.

As said in yesterday's publication, the loss of ¢22.4 trillion between 2003 and 2009 was recorded by only Gateway Services Limited, one of the four Destination Inspection Companies, DICs, in Ghana whose responsibilities it is to assess imports into the country and value them to enable the importers pay the right duties to the state.

The DAILY POST now has figures of the transactions of a second DIC, Inspections and Control Services, ICS, Limited where trillions of cedis was lost to the state.

Forensic audit conducted by our intel sources into ICL's transactions with importers and clearing agents indicates that between 2003 and 2008, Ghana lost a staggering amount of US$525,195,263.26 or $7.4 trillion in revenue. The break downs are as follows;

8. In 2003, out of a total of 8,270 Final Classification and Valuation Reports (F.C.V.R) issued and assessed to be US$62,696,325.36, an amount of US$23,747,806.82 was collected by the company forming 38% of the assessed value leaving an amount of US$38,949,118.54 forming 62%.

9. In 2004, out of a total of 11,744 Final Classification and Valuation Reports (F.C.V.R) issued and assessed to be US$105,901,348.29, an amount to US$49,837,191.57 was collected by the company forming 47% of the assessed value leaving an amount of US$56,064,156.72 also representing 53%.

10. In 2005, out of the total of 12,518 Final Classification and Valuation Report (F.C.V.R) issued and assessed to be US$137,442,487.50 an amount of US$69,450,802.54 was collected by the company representing 51% of the assessed value leaving an amount of US$67,991,684.56 representing 49%.

11. In 2006, 45% of the assessed value of the FCVRs issued collected leaving 55% of the assessed values of the FCVRs to be collected.

12. In 2007, 41% of the assessed value of the FCVRs issued was collected leaving 59% of the assessed value of the FCVRs to be collected.

13. In 2008, 34% of the assessed value of the FCVRs issued was collected leaving 66% of the assessed values of the FCVRs.

14. The figures for 2009 has not yet been collected. Their figures are provisional and therefore cannot be considered for the exercise.

In concluding, the total FCVRs from 2003 to 2008 was 72,610 which amount to US$900,355,636.53. US$375,160,373.27 was collected representing an average 43% leaving an amount of US$525,195,263.26 representing 57% to be collected.

Stay tuned for more shocking revelations