Debt Recovery (Tema Oil Refinery Company) Fund Act, 2003 Act 642

ACT 642
REPUBLIC OF GHANA
DEBT RECOVERY (TEMA OIL REFINERY COMPANY) FUND ACT, 2003 (ACT
642)
As Amended by
THE DEBT RECOVERY (TEMA OIL REFINERY COMPANY) FUND
(AMENDMENT) ACT, 2006 (ACT 713)1
ARRANGEMENT OF SECTIONS
Section
PART I—ESTABLISHMENT OF A DEBT RECOVERY FUND
1. Establishment of the fund
2. Object of the fund
3. Sources for the fund
4. Bank Account of the fund
5. Management of the fund
6. Disbursement of the fund
7. Refund of excess on recovery to public in reduction of petroleum products
PART II—IMPOSITION OF DEBT RECOVERY LEVY AND ADMINISTRATION
8. Imposition of debt recovery levy
9. When levy is payable
10. Payment by the commissioner
11. Application of customs, excise and preventive service law to this act
12. Accounts and audit
13. Annual report to parliament

t by the commissioner
11. Application of customs, excise and preventive service law to this act
12. Accounts and audit
13. Annual report to parliament

14. Financial year
15. Transfer of money
16. Interpretation
SCHEDULE
Schedule
THE SIX HUNDRED AND FORTY-SECOND
ACT
OF THE PARLIAMENT OF THE REPUBLIC OF GHANA
ENTITLED
DEBT RECOVERY (TEMA OIL REFINERY COMPANY) FUND ACT, 2003
AN ACT to establish a Fund to finance payment of debts incurred by the Tema Oil Refinery
Company; to impose a debt recovery levy on specified petroleum products and to provide for
related matters. DATE OF ASSENT: 11th Appril, 2003. BE IT ENACTED by Parliament s follows:
PART I—ESTABLISHMENT OF A DEBT RECOVERY FUND
Section 1—Establishment of the Fund
There is established by this Act a Fund known as the Debt Recovery (Tema Oil Refinery
Company) Fund which shall be a Fund under the Consolidated Fund. Section 2—Object of the Fund
The object of the Fund is to finance the payment of debts incurred by Tema Oil Refinery
Company and interest accruing on those debts. Section 3—Sources for the Fund
The monies for the Fund include
(a) the levy imposed on petroleum products under section 8;
(b) other monies that may be,
(i) allocated by Parliament;
(ii) received from any other source and approved by Parliament.

m products under section 8;
(b) other monies that may be,
(i) allocated by Parliament;
(ii) received from any other source and approved by Parliament.

Section 4—Bank Account of the Fund
Monies for the fund shall be paid into the Fund established under section 1. Section 5—Management of the Fund
(1) The Fund shall be managed by the Minister.

for the fund shall be paid into the Fund established under section 1. Section 5—Management of the Fund
(1) The Fund shall be managed by the Minister.

(2) The Minister shall ensure the collection of monies assigned to the Fund. Section 6—Disbursement of the Fund
(1) The monies assigned to the Fund shall only be disbursed for the purpose of payment of
debts incurred by the Tema Oil Refinery Company and any interest accruing on those debts. (2) The Minister shall in writing provide an arrangement for the disbursement of monies from
the Fund. Section 7—Refund of Excess on Recovery to Public in Reduction of Petroleum Products
Any amount collected in excess of the full ex-refinery cost of the Tema Oil Refinery
Company on the petroleum product, may be passed on to the consumer in the form of price
reduction on the petroleum products. PART II—IMPOSITION OF DEBT RECOVERY LEVY AND ADMINISTRATION
Section 8—Imposition of Debt Recovery Levy
(1) There is imposed by this Act a debt recovery levy of the amount specified in column 2 of
the Schedule in respect of the petroleum products specified in relation to them in column 1. (2) The debt recovery levy imposed under subsection (1) is payable by the person to whom
the petroleum product is supplied to the supplier of the product at the time of the supply of
the product.

ection (1) is payable by the person to whom
the petroleum product is supplied to the supplier of the product at the time of the supply of
the product.

(3) The supplier is liable to account for the payment of the levy to the Commissioner of
Customs, Excise and Preventive Service. Section 9—When levy is Payable
The levy imposed under section 8(1) becomes payable when the ex-refinery price of the
petroleum product is in excess of the full cost recovery of the petroleum product. Section 10—Payment by the Commissioner
The Commissioner shall immediately upon receipt of the levy, pay the levy into the Fund
established under Part I of this Act. Section 11—Application of Customs, Excise and Preventive Service Law to this Act
The Customs, Excise and Preventive Service Law, 1993 (PNDCL 330) shall apply for the
purposes of the collection of the levy imposed under section 8. Section 12—Accounts and Audit
(1) The Minister shall cause to be kept books of account and proper records in relation to the
Fund and the books of account and records shall be in such form as the Auditor-General may
approve. (2) The books of account kept for the Fund under subsection (1) shall be audited by the
Auditor-General or an auditor appointed by the Auditor-General. Section 13—Annual Report to Parliament

nd under subsection (1) shall be audited by the
Auditor-General or an auditor appointed by the Auditor-General. Section 13—Annual Report to Parliament

The Minister shall within three months after the end of each financial year, submit a report on
the Fund to Parliament. Section 14—Financial Year
The financial year for the Fund shall be the same as the financial year of the Government. Section 15—Transfer of Money
The total sum of money located in any bank immediately before the coming into force of this
Act which constitutes monies levied and paid and any interest on them, in respect of
petroleum products and set aside towards the payment of debts of the Tema Oil Refinery
Company is hereby transferred into the Fund established under section 1. Section 16—Interpretation. In this Act unless the context otherwise requires,
"Commissioner" means the Commissioner of Customs, Excise and Preventive Service;
"ex-refinery cost" means the price for purchasing and processing unrefined petroleum
products plus processing-related charges;
"Fund" means the Debt Recovery (Tema Oil Refinery Company) Fund established under
section 1;
"levy" means the levy imposed under section 8;
"Minister" means Minister responsible for Finance. "Ministry" means Ministry of Finance.

der
section 1;
"levy" means the levy imposed under section 8;
"Minister" means Minister responsible for Finance. "Ministry" means Ministry of Finance.

SCHEDULE
(Section 8)
Debt Recovery Levy
Column 1
Petroleum Products Column 2
0 Levy
Premium not exceeding 500 per litre
Kerosene not exceeding 350 per litre
Gas Oil not exceeding 500 per litre
Marine Gas Oil (MGO) not exceeding 500 per litre
Residue Fuel (RFO) not exceeding 350 per litre
Liquefied Petroleum Gas (LPG) not exceeding 500 per litre

Premix not exceeding 500 per litre
[Amended by the Debt Recovery (Tema Oil Refinery Company) Fund (Amendment) Act,
2006 (Act 713)]
Date of Gazette Notification: 17th April, 2003.