Government sets up 3-member committee to oversee revamping of TOR

Government sets up 3-member committee to oversee revamping of TOR
Dr. Matthew Opoku Prempeh

The government has tasked a three-member interim management committee of the Tema Oil Refinery (TOR) to conduct a financial and technical audit of the company as part of efforts to revamp the refinery.

The company, which has for years failed to function effectively, was in the news recently when reports suggested that it was choking in debts that could lead to a total collapse.

Speaking at the inauguration of the three-member interim management committee, the Minister for Energy, Dr. Matthew Opoku Prempeh, urged the team to work towards ensuring the viability of the Tema Oil Refinery.

“All you hear is that people owe the company. Even TV programmes are talking about companies that owe that don’t want to pay because some of the staff don’t know that they have to go and collect the money. So please do a good financial audit.”

“Apart from that, if it is possible, do a technical audit to find out what is really wrong with the company and how we can get the company in operation and also conduct a human resource audit for us.”

Some challenges of TOR

Some media reports had suggested that the Ghana Water Company Limited (GWCL) had cut water supply to TOR for close to a month due to its inability to pay accumulated water bills that had amounted to GHC 4 million in arrears.

It was also alleged that TOR owed the Electricity Company of Ghana (ECG) about 2.3 million Ghana Cedis in arrears.

The Managing Director of the company has also been accused of engaging new workers despite the financial challenges TOR is facing.

However, TOR in a statement, however, denied these claims, saying the company is currently taking some measures to ensure its strategic turnaround.

“We wish to refute what is recently being circulated in the media to suggest that TOR is on the verge of shutdown. Such publications from anonymous sources create an unwarranted negative impression of the organization and hinder the progress of our revitalization and expansion plans as well as the business operations at large.

“We hereby state categorically that TOR is not on the verge of shutdown, but has rather been positioned for its effective turnaround and revitalization through the support of its shareholder,” excerpts of the statement said.

 

 

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