The Executive Secretary of the Chamber of Petroleum Consumers Ghana (COPEC), Duncan Amoah, has urged the government to provide dedicated financial support to the Tema Oil Refinery (TOR), including measures to reduce its legacy debt and expand its crude processing capacity.
According to him, strengthening domestic refining is critical to reducing Ghana’s dependence on imported petroleum products and cushioning the country against global supply disruptions and price volatility.
Speaking on Joy News’ PM Express on Thursday night monitored by NR NEWS, Mr Amoah called on the Finance Ministry to make substantial provisions in the 2027 Budget for local refining, arguing that state-backed support would give TOR a better opportunity to recover than leaving it to depend solely on private financing arrangements.
He cautioned that private partnerships could come with financing terms that might be less favourable to the refinery than direct government assistance.
Mr Amoah said TOR’s accumulated debt remained a major obstacle to its recovery, recalling that he had been advocating its revival since 2003.
He proposed that the government mobilise resources to reduce the refinery’s debt burden and enable it to restart on a cleaner financial footing.
“We should find some money to help them draw down the debt so that they can start off a clean sheet. Give that young team a chance and give them a year to see what sort of impact they also make,” he said.
The COPEC chief says capital investment would increase TOR’s processing capacity from its current estimated 28,000 barrels per day to 55,000 barrels by the end of the first quarter of 2027.
He said the proposed expansion, alongside improved access to crude oil through a review of petroleum lifting arrangements, would strengthen the supply of feedstock to local refineries.
Mr Amoah welcomed what he described as Ghana’s gradual departure from excessive reliance on international petroleum markets, citing the need to build domestic capacity amid uncertainty surrounding geopolitical tensions involving the United States and Iran.
He further argued that local refining offered an economic incentive, noting that prices from domestic refineries were already appearing cheaper than imported alternatives.
While advocating stronger local refining, he assured consumers that available indications did not point to an imminent fuel shortage.
He maintained that government investment in TOR and other domestic refining facilities would provide a stronger buffer against external shocks while improving Ghana’s capacity to meet its petroleum needs.
By: Christian Kpesese
