During his campaign for the 2024 general elections, John Dramani Mahama pledged to revamp the Tema Oil Refinery if elected President of the Republic.
He stated that the refinery could regain its vibrancy through a joint private-public partnership, aimed at restoring the once-thriving enterprise, which is currently grappling with multiple challenges.
Read the full story originally published on May 22, 2024 by www.ghanaweb.com.
Flagbearer of the National Democratic Congress (NDC), John Dramani Mahama, has promised to revamp the operations of the Tema Oil Refinery (TOR) if given the nod in the 2024 general elections.
The former president argues that TOR has not been able to function due to the facility being run as a state-owned enterprise.
Mahama, therefore, believes TOR must operate under a joint private-public partnership to revamp the once-vibrant venture, which is currently facing an array of challenges.
“We need to look again at how we can bring the refinery back in place. But I do think that the problems we have with running that refinery are because it is a state-owned enterprise.
“And we all know the inefficiencies that go with state-owned enterprises. So, we are open to private partnership in terms of bringing that refinery back into operation and running it, but we think that whatever private partnership or private participation is invited, it must come through a transparent process,” John Mahama said.
The Tema Oil Refinery was established in December 1960 as the Ghanaian Italian Petroleum (GHAIP) Company.
It was originally Italian-owned until the government became the sole shareholder in April 1977, prompting a name change to Tema Oil Refinery in 1991.
Over the years, TOR has been authorized to refine and sell petroleum products, playing a vital role in Ghana’s energy sector.
The company has currently been saddled with huge debt and operational challenges, prompting calls for private sector participation to revamp its operations and make it viable.
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