The Chamber of Petroleum Consumers Ghana (COPEC) is demanding for accurate timelines as to when the rehabilitation of the Tema Oil Refinery will be completed as promised by government.
President Akufo-Addo, in his May Day address on Sunday, disclosed that his government has begun the rebuilding of the state-owned refinery which has not been fully operational for a number of years.
According to him, this move is to help stabilize the prices of petroleum products in the country.
The Executive Secretary of COPEC, though elated about the President’s announcement, told Citi Business News there needs to be timelines as to when the project will be completed.
“We’ve said this time without number that you cannot be an oil producing country and crown your refinery the way we have done. The way forward is to get the refinery up and running. Get a portion of your oil entitlement to be refined locally so that there’s that petroleum security that also takes away the logistical cost of importing fuel from Europe. If you don’t do these things, your fuel prices would continue to be a cost rising thing that any time there’s an inconvenience geopolitically, your people will have to pay more.”
“So fixing the refinery is paramount. We are happy that he’s now indicating that there are plans to fix it. Timelines will need to be given so the people can at least hold authorities accountable for this.”
The Tema Oil Refinery, which is Ghana’s first and only refinery, has not been operational for a while now due to many challenges.
It has the capacity of producing 45,000 barrels per stream day but is currently producing about 26,000 barrels.
Several Civil Society Organisations such as the Chamber of Petroleum Consumers and the Africa Centre for Energy Policy (ACEP), have been at the forefront of calls on the government to do all it can to get the refinery back on its feet.
COPEC, for instance, keeps stressing that when the capacity of TOR is built, it would be able to help cushion Ghanaians when fuel prices on the global market go up.
The Minister for Public Enterprises, Joseph Cudjoe, in an earlier interview with Citi Business News says government is currently receiving proposals from potential strategic investors for a possible restructuring of the
The proposals from these investors, according to Mr. Cudjoe, will see them provide funding and other technological know-how on how better to manage the refinery.