– Commercial –

The Institute for Vitality Insurance policies and Analysis (INSTEPR) says the Tema Oil Refinery wants $500 million to be renovated.

It requested why the federal government, the biggest stakeholder of the oil refinery, has been silent on learn how to get the refinery working to generate oil to cushion Ghanaians throughout the spike in petrol, diesel, and LPG at totally different pumps.

In a press release, the suppose tank mentioned the Finance Ministry was cash-strapped, thus it couldn’t pump cash into the almost-dead refinery.

“Because the refinery’s principal proprietor, the federal government has been silent on efforts to ease Ghanaians’ struggling. $500 million is required to overtake TOR and fund its operations. We all know Ministry of Finance doesn’t have this cash, notably underneath IMF surveillance “launch mentioned.

– Commercial –

Since June 2018, the Tema Oil Refinery has been inoperable owing to a shortage of crude oil.

TOR has points together with broken gear, stacked debt, and inadequate crude oil in its single oil refinery.

– Commercial –

TOR’s administration requested Vitality Ministry clearance in April to rent non-public sector corporations to modernize the oil refinery.

The go-ahead got here in 2022. Deputy Vitality Minister Andrew Egyapa Mercer expressed optimism in regards to the oil refinery in June.

– Commercial –

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