Stakeholders in Ghana’s petroleum sector are mounting pressure on government to channel part of the proceeds from the Tema Oil Refinery (TOR) Recovery Levy into retooling and supporting the refinery, as renewed efforts to revive the dormant facility gain traction.
After years of operating far below capacity, TOR has recently shown signs of a potential turnaround, raising industry expectations that a successful overhaul could strengthen Ghana’s downstream petroleum sector and reduce reliance on imported refined products.
Speaking to Citi Business News in Accra, Executive Secretary of the Chamber of Petroleum Consumers (COPEC), Duncan Amoah, emphasized that sustained capital investment is essential if TOR is to operate efficiently once it resumes full activity.
“TOR would need investment. If we don’t pump in the appropriate investment, we would simply be waiting for them to fail so that we come back to blame them,” he warned, adding that the refinery’s current financial position makes it impossible to secure crude cargoes without government-backed support.
Amoah urged the Ministry of Finance to allocate part of the TOR Recovery Levy collected over several years to provide the refinery with about $80 million in revolving funds, enabling it to consistently secure two to three crude cargoes to sustain operations.
He cautioned that without reliable financing, TOR risks running for only a few months before collapsing again, leading to repeated shutdowns and costly maintenance cycles.
Amoah also pushed for policy reforms that would guarantee a dedicated share of Ghana’s domestically produced crude oil for processing at TOR instead of exporting nearly all crude and importing finished products.
“You cannot continue to produce oil and ship everything out only to bring back refined products from Europe. It’s not good enough,” he said, urging a more strategic approach to petroleum agreements and a long-term national strategy that positions TOR for sustainable operations.
