The Ghanaian government has taken proactive measures to address the financial challenges faced by the Tema Oil Refinery (TOR).
The Director-General of the State Interest and Governance Authority (SIGA), John Boadu, announced the constitution of a new board to oversee the management of TOR.
Boadu highlighted that the government’s decision to increase the number of directors on the board from nine to eleven was a strategic move to enhance the refinery’s operations. He emphasized the government’s commitment to restoring TOR to its former glory days.
The 2021 State Ownership Report revealed that TOR, along with nine other State-Owned Enterprises, has been incurring losses. The oil refinery reported an average loss of GH₵260.7 million from 2017 to 2021, prompting the government to take radical steps to address the issue.
During an interview on JoyNews’ The Probe, Boadu acknowledged the government’s responsibility in TOR’s debt situation. He highlighted the politicization of issues as a contributing factor to the refinery’s financial woes. Boadu stressed the importance of effective management and proper decision-making to ensure TOR’s sustainability.
Addressing rumors of TOR being up for sale, Boadu dismissed such speculations and reaffirmed the government’s commitment to supporting the refinery. He urged stakeholders to collaborate in revitalizing TOR and maximizing its potential for growth.
