Business News of Monday, 24 March 2025

Source: thebftonline.com

Fisheries minister vows to recover unaccounted 53% premix fuel profits

53% of premix fuel profit derived from sales in the last eight years remains unaccounted-for 53% of premix fuel profit derived from sales in the last eight years remains unaccounted-for

The Minister for Fisheries and Aquaculture, Emelia Arthur, has vowed to recover the unaccounted-for 53 percent premix fuel profit derived from sales in the last eight years.

She has expressed readiness to track down and retrieve the 53 percent of premix fuel profit allocated for developing fishing communities – emphasising that the money ought to be used for its intended purposes.

The National Premix Fuel Committee (NPFC) Regulations, 2016 (L. I. 2233) instructs the Landing Beach Committee (LBC) to undertake developmental projects within the community using profits from the sale of premix fuel – of which 53 percent is allocated for community development.

“When premix is sold and there is a profit, 47 percent goes to the Landing Beach Committee but the remaining 53 percent is for community development. We will ensure that MPs and DCs account for the 53 percent. In the same vein, all those who sold premix eight years ago and have not accounted for it… we will go after them,” she said.

She bemoaned the attitude of some executives of the Landing Beach Committee who consistently sell premix at exorbitant prices and also to persons who are not in the fishing business.

The minister made this known during Norway’s Minister of International Development Asmund Grøver Aukrust’s visit to the Tema Canoe Landing Site to interact with fishermen on benefits of Norway’s support under the Fish for Development Programme.

Meanwhile, she also emphasised that all current MPs and DCEs must ensure that they put in the right measures to utilise the 53 percent profit appropriately, as they will equally account for all the profits they make from every sale.

For his part, Mr. Aukrust mentioned that the fishery sector and ocean bring the two countries together, highlighting the essence of collectively protecting and preserving the blue economy and emphasising that it remains the most important resource for Norwegians.

While acknowledging the fishing sector’s contributions to job creation and building societies, he lamented human activities that threaten the ocean – urging fishermen to preserve it for future generations.

“But there is also quite a serious situation because the ocean is threatened. It’s threatened by pollution, climate change and overfishing. So, to secure that the fishery will be a renewable resource which lasts for coming generations, we need to protect the ocean, he said.

The minister also reiterated there will be no closed season for artisanal fishermen and added that when the economy stabilises, they will continue to provide fishermen and fishmongers with appropriate inputs.

The Food and Agriculture Organisation (FAO) Representative to Ghana ad Interim, Priya Gujadhur, emphasised FAO’s commitment to supporting the country in areas of nutrition and food security.

She underscored the need for more investments and interventions in fisheries development, nutrition programmes and sustainable aquaculture to create lasting impact, strengthen food systems, improve livelihoods and advance national and regional development goals.

Mr. Aukrust and the delegation from Norway paid another visit to Miniplast at Spintex, an investee of Norfund, to understand Norway’s contribution to strengthening businesses that create jobs and reduce poverty in developing countries.