The Minority in Parliament has called on the government to halt its plans to lease the Tema Oil Refinery (TOR) to a private firm, Torentco Asset Management Group. The opposition party is urging for further stakeholder engagement before proceeding with the deal.
Under the proposed agreement, Torentco Asset Management Group would take over TOR for a period of six years, paying a substantial sum of $22 million. The private firm is expected to utilize the refinery’s capabilities to refine approximately 8 million barrels of fuel annually.
As part of the lease arrangement, Torentco Asset Management Group would pay an annual rent fee of $1 million, in addition to a monthly rent amount exceeding $1 million.
However, concerns have been raised by the Ranking Member on the Mines and Energy Committee of Parliament, John Jinapor. He argues that the current form of the deal does not serve the best interests of Ghanaians.
Speaking to journalists, Jinapor highlighted the need for greater transparency and involvement of stakeholders in the decision-making process. He emphasized that the potential benefits to the Ghanaian people must be carefully considered before moving forward with the lease agreement.
“We believe that that contract is inimical, that contract will not inure to the benefit of Ghanaians. That contract will not benefit the ordinary Ghanaian and that contract does not meet value for money.”
“We are therefore calling on the Akufo-Addo and Bawumia-led government to put a halt to this lease agreement, engage further with stakeholders, and ensure that we find a long-lasting solution to the problems confronting TOR,” he stated.
Mr Jinapor said these firefighting approaches will not help the refinery as the refinery had seen five different managements under the government.
“It thus appears that they are playing with the refinery. It thus appears that there is no seriousness being shown when it comes to the revitalisation of the refinery,” he added
