Ghana Loses Over ¢22.4 Trillion

Do you know that from 2003 to 2009, the thieving activities of some importers and clearing agents at the Tema and Takoradi Harbours has led to the loss of billions of dollars or trillions of cedis to the state?

Just fancy this; through Gateway Services Limited, GSL, one of the four Destination Inspection Companies, DICs, Ghana lost a staggering ¢22.4 trillion (US$1.607 billion).

Ironically while the nation is losing this staggering amount at our Harbours, the NPP government, in 2007, accessed the Eurobond to the tune of $750million, which is peanuts compared to what is being lost at the port. Currently, Ghana is repaying the $750 million with its interest at $38.8million every six months! Below is the report of our intelligence team of what happened through only Gateway Services Limited, one of the four Destination Inspection Companies.

1. In 2003, out of a total of 38,029 Final Classification and Valuation Reports (F.C.V.R) issued and assessed by GSL to be US$ 241,673,388.22, an amount of US$ 110,897.88 was collected by the company, forming 46% of the assessed value leaving an amount of US$ 130,776,174.34 representing 54% of the total amount which should have been collected.

2. In 2004, out of a total 22,873 Final Classification and Valuation Reports (F.V.C.R) issued and assessed to be US$ 190,999,241.88, an amount of US$94,560,503.74 was collected by the company, representing 50% of the assessed value leaving an amount of US$896,438,738.13 also representing 50% of what should have been collected.

3. In 2005, out of a total of 21,652 Final Classification and Valuation Reports (F.C.V.R) issued and assessed to be US$250,092,282.29, an amount of US$ 95,639.01 was collected by the company representing 38% of the assessed value leaving an amount of US$ 154,452,648.28 representing 62%.

4. In 2006, 32% of the assessed value of the FCVRs issued was collected leaving 68% of the assessed value of the FCVRs to be collected.

5. In 2007, 38% of the assessed value of the FCVRs issued was collected leaving 62% of the assessed value of the FCVRs to be collected.

6. In 2008, 38% of the assessed value of the FCVRs issued collected leaving 62% of the assessed value of the FCVRs to be collected.

7. In 2009, 35% of the assessed value of the FCVRs issued collected leaving 65% of the assessed value of the FCVRs to be collected.

This colossal loss of money was recorded by our intelligence through just one Destination Inspection Company alone. And, there are four of them. How much did Ghana lose through the others?

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