Election 2024: Mahama pledges to revitalise Tema Oil Refinery

Ghanaian President John Mahama raises the staff of office after swearing to an oath of office at the Independence Square, Accra in January 7. 2013. Ghanaian President John Dramani Mahama has been sworn-in into office despite a court challenge by the main opposition New Patriotic party, citing alleged voting fraud resulting in the absence of party officials at the swearing-in ceremony attended by nine heads of state. AFP PHOTO/PIUS UTOMI EKPEI / AFP / PIUS UTOMI EKPEI

John Mahama, the National Democratic Congress (NDC) presidential candidate, has promised to renovate the Tema Oil Refinery (TOR) if won in the December 7 general elections.

Mahama detailed his idea to form a joint private-public partnership to revitalize the country’s struggling oil refinery.

During a meeting with stakeholders in the petroleum downstream industry in Accra, Mahama stated that Tema Oil Refinery would receive substantial attention during his administration.

“We need to look again at how we can bring TOR back in place. But I do think that the problems we have with running that refinery is because it is a state-owned enterprise,” Mahama stated.”

And we all know the inefficiencies that go with state-owned enterprises. And 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.”

The Tema Oil Refinery (TOR), Ghana’s premier refinery, has been a pillar of the country’s oil industry since its inception in 1963.

Located near Tema’s industrial core, TOR has played an important role in meeting the country’s petroleum requirements.

However, in recent years, the refinery has suffered serious operational and financial issues, jeopardizing its profitability and future.

The refinery’s current problems can be ascribed to old infrastructure, inconsistency in crude oil supplies, and financial mismanagement.

The equipment at Tema Oil Refinery has deteriorated dramatically, with numerous components functioning long past their expected lifespan.

This has resulted in frequent malfunctions and unscheduled shutdowns, significantly reducing production efficiency.

Financial mismanagement has also contributed significantly to the collapse of Tema Oil Refinery.

Accumulated debts from unpaid loans and operational deficits have limited the refinery’s capacity to invest in critical improvements and upkeep.

Ghana is set to go to the polls on December 7th to elect a new president as well as Members of Parliament for various constituencies.