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    Societe General Ghana partners AGF to provide financing solutions for SMEs

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    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

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    Time to take strategic steps to grow Ghana’s economy is now – Pierre Laporte

    Societe General Ghana partners AGF to provide financing solutions for SMEs

    IMF programme won’t affect free SHS, other flagship programmes – Gov’t

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    E-Levy won’t be terminated because of IMF bailout – Gov’t assures

    Node 8, HTU hold first edition of Node X in Ho

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    Time to take strategic steps to grow Ghana’s economy is now – Pierre Laporte

    Societe General Ghana partners AGF to provide financing solutions for SMEs

    NPA encourages consumers to lodge complaints of foul play at the pump for redress

    Banks must improve their systems to check rising spate of financial fraud – e-Crime Bureau

    IMF likely to reject program with wholesale gov’t subsidies – Prof. Quartey

    Golden Tulip Hotels not sold; leased for 12 years – Management

    Tullow Ghana awards KNK contract to Petrofac as part of transformation project

    We did no wrong in sale of 260 metric tonnes of slop oil – TOR

    Increase investments in digitisation platforms to ensure safe trade transactions under AfCFTA – BoG

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    Node 8, HTU hold first edition of Node X in Ho

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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Save TOR from collapsing – COPEC urges government

byMichael Ogbodu
August 24, 2020
in Government, Local Economy, Oil And Gas, Top Stories
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The Chamber of Petroleum Consumers (COPEC) is calling on government to invest in the Tema Oil Refinery (TOR) to prevent it from collapsing.

According to COPEC, per its investigations the situation at the refinery is dire and maintaining its day to day operations is a challenge.

Speaking to Citi Business News, Executive Secretary of COPEC, Duncan Amoah said efforts must be made at all cost to save the country’s only refinery from turning into a white elephant.

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He added that, “Clearly three things are involved here; we’ve had in the past poor management practices where you expect certain things to be done right yet they are done the other way. We have also not had the right kind of investments and retooling and equipment, some of which were actually fixed in the ’80s and 70s.”

He explained further that TOR is indeed worth investing in.

“We think that the right investment must be made in the refinery. Refineries are profitable or else you wouldn’t see them in our neighbouring country, Nigeria. Dangote is struggling to put up a 650 barrels per day refinery. Ghana has this asset and that if we did put in the right investment, it should be able to serve all of us. Again, we have said that once TOR is working, you are getting fuel security. At least, if your harbour or the anchorage of where fuel comes into the country doesn’t function, your local refinery will be able to process fuel to run your economy. Unfortunately, the refinery is no its knees as we speak and we do think that authorities should pay some attention to investing properly into the refinery immediately.”

TOR was shut down two years ago over the lack of crude, as managers of the facility were unable to raise letters of credit.

But institutions like the integrated Centre for Democratic Development, ISODEC, believed the closure of the refinery was a deliberate attempt by the government to convert it into a tank farm, for the setting up of a new refinery in the Western Region.

In January 2019, government announced an ambitious plan to build a new oil refinery to replace the Tema Oil Refinery within the next three to four years.

 

 

 

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