GOVERNMENT TO CRACK DOWN ON FREEPORT ABUSE, PETROLEUM DIVERSION AND TAX EXEMPTIONS

Government is moving to tighten controls in the freezones and downstream petroleum sector to curb leakages, diversion and under-declaration, the Minister for Finance, *Dr. Cassiel Ato Forson*, has announced.

Presenting the *Mid-Year Fiscal Policy Review of the 2026 Budget* in Parliament on Thursday, July 23, 2026, Dr. Forson said freezones were established for export-led industrialization but have been undermined by abuse.

*"Was established to promote export lead industrialization not to serve as a duty free traded and storage hub. Unfortunately over the time that objective has been undermined by abuse of the regime and weak controls over the use of raw materials. Gunners Freezones will once again serve their original purpose build domestic industry, expand exports and create quality jobs for Gunners,"* he stated.

On imports, the Minister said government will strengthen declarations and valuation.

*"Mr Speaker government will also strengthen import declaration and valuation by mandating the use of appropriate tax identification number for all importers,"* he told the House.

Dr. Forson said the downstream petroleum, bond crane and ship stores regimes have been vulnerable to leakages due to fragmented controls.

*"Mr Speaker downstream petroleum operations have for for too long operated refragmented controls and weak integration into custom systems. Mister Speaker Bond Crane and Ship Stores regime have consequently become vulnerable to diversion under declaration and smoking. This economy can no longer afford these leakages,"* he said.

To address this, government will enforce new measures in the petroleum sector.

*"Mr Speaker government will therefore enforce the statutory requirement for bank guarantee on the lifting of refined petroleum products and require and require product movement to be undertaken by only true approved pipelines and electronically track distribution system,"* Dr. Forson announced.

He also said government will remove tax exemptions on bond crane services.

*"Mr Speaker government will also remove the tax exemption on Bond Crane services in line with international practice to keep smoking strengthen compliance and protect much needed revenue,"* he stated.