The National Petroleum Authority (NPA) says debts owed Bulk Oil distribution companies will be cleared by January 2016.
The about Ȼ3 billion Ghana cedis debt has crippled the operations of some petroleum importers, and even commercial banks.
It has also affected the financial position of banks, making it difficult for them to give out loans.
But speaking to Joy FM, CEO of NPA Mr. Moses Asaga said “Ernst and Young have been commissioned to conduct an audit of the debt. He said they are now in the second phase of the audit.
They did a good job with the first phase and we have already had an experience where we did the validation and we came out with the figures and they were paid so the second phase shouldn’t take long…in about two months they will be paid”.
In a related development, NPA has justified its decision to wash its hands off the pricing of petroleum products.
Government in July opened the door to allow importers and marketers to determine prices for the various products.
However some industry watchers have maintained that the move has not brought about the needed benefits to consumers.
But Chief Executive of the Authority, Moses Asagah disagrees.
“Ghana can now boast of having more capacity in terms of storage in West Africa than any other country. Beyond that importation of crude oil and petroleum products was not limited to GNPC, BOST and Tema Oil refinery because there was a kind of deficit in terms of product availability and TOR in those days could not refine enough to meet the demand of the country but the BDCs played a useful role when we lifted the restrictions of private sector investors”.