{"id":1209649,"date":"2022-09-23T11:04:18","date_gmt":"2022-09-23T11:04:18","guid":{"rendered":"https:\/\/www.ghanamma.com\/2022\/09\/23\/plan-to-build-new-oil-refinery-good-but-rehabilitate-tor-govt-told\/"},"modified":"2022-09-23T11:04:18","modified_gmt":"2022-09-23T11:04:18","slug":"plan-to-build-new-oil-refinery-good-but-rehabilitate-tor-govt-told","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2022\/09\/23\/plan-to-build-new-oil-refinery-good-but-rehabilitate-tor-govt-told\/","title":{"rendered":"Plan to build new oil refinery good but rehabilitate TOR &#8211; Gov&#8217;t told"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"td-post-featured-image\"><img loading=\"lazy\" decoding=\"async\" width=\"480\" height=\"300\"  alt=\"\" title=\"TOR\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/09\/TOR.jpg\" data- class=\"entry-thumb td-modal-image lazyload\"\/><noscript><img loading=\"lazy\" decoding=\"async\" width=\"480\" height=\"300\" class=\"entry-thumb td-modal-image\" src=\"http:\/\/www.ghanamma.com\/wp-content\/uploads\/2022\/09\/TOR.jpg\"   alt=\"\" title=\"TOR\"\/><\/noscript><\/div>\n<p><strong>The government of Ghana has been told to revamp the Tema Oil Refinery (TOR) despite plans to build a new one.<\/strong><\/p>\n<p>President Nana Addo Dankwa Akufo-Addo announced that the government was building a new refinery while delivering his speech at the 77th session of the United Nations General Assembly on Wednesday September 21.<\/p>\n<p>Mr Akufo-Addo said \u201cThe African Continental Free Trade Area, whose Secretariat is located in Accra, Ghana\u2019s capital, is driving intra-Africa trade and creating an unparalleled momentum for our continent\u2019s economic diversity and transformation.<\/p>\n<p>\u201cWe know that industrialisation is the way to go and, with the single market as the added incentive, we have taken policy measures in Ghana to add value to our natural resources. For example, we are processing more of our cocoa, refining more of our gold, and we are determined to exploit the entire value chain of our huge lithium deposits.<\/p>\n<p>\u201cWe are busily building an integrated bauxite and aluminium industry and an integrated iron and steel industry, building new oil refineries and have, so far, attracted six (6) of the world\u2019s biggest automobile manufacturers to set up assembling plants in Ghana, prior to producing them in the country.<\/p>\n<p>\u201cIn line with the African Union\u2019s Agenda 2063 and the United Nation\u2019s Sustainable Development Goals (SDGs), Africa\u2019s ambition is to transform our food systems over the next decade, anchored in the Comprehensive Africa Agriculture Development Programme (CAADP) and the Malabo Declaration on Accelerated Agricultural Growth.<\/p>\n<p>\u201cWhat we require now is support from the investor community for the rolling out of Africa\u2019s lucrative agro-industry, and for the community to see agribusiness in Africa as much more an opportunity than the perceived, exaggerated risk which has been the false, but dominant narrative.\u201d<\/p>\n<p>Commenting on this in a tweet, the Director of Research at the Institute of Economic Affairs, Dr John Kwakye described this as good news.<\/p>\n<p>\u201cIt\u2019s been reported that an oil refinery is being built and will start production in the coming months. This is good news.<\/p>\n<p>\u201cBut what is the status of TOR? TOR must be rehabilitated at all cost. Even if we have to borrow to do so, we must because it is a viable investment.\u201d<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">It&#8217;s been reported that an oil refinery is being built and will start production in the comming months. This is good news. But what is the status of TOR? TOR must be rehabilitated at all cost. Even if we have to borrow to do so, we must bcos it is a viable investment.<\/p>\n<p>\u2014 J. K. Kwakye (@JohnKwabenaKwa1) <a href=\"https:\/\/twitter.com\/JohnKwabenaKwa1\/status\/1572999810722025473?ref_src=twsrc%5Etfw\">September 22, 2022<\/a><\/p>\n<\/blockquote>\n<p>It is recalled that the Institute of Energy Security (IES) earlier indicated that the TOR faces imminent collapse under the leadership of the sector minister, Dr. Matthew Opoku Prempeh.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>The energy think tank stated that the refinery needed government intervention in order to get it back on track to optimum operation because the facility is in debt in excess of GH\u00a2400 million.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Nut the Energy Ministry dismissed the claims of IES<\/p>\n<p>A statement issued said \u201cThe Ministry wishes to assure Ghanaians that Dr. Prempeh is resolutely committed to ensuring that TOR is put on a sound footing to support Ghana\u2019s industrialization drive, and will continue to provide strategic leadership and direction in this regard.<span class=\"Apple-converted-space\">\u00a0\u201c<\/span><\/p>\n<p><strong>By Laud Nartey|3news.com|Ghana<\/strong><\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government of Ghana has been told to revamp the Tema Oil Refinery (TOR) despite plans to build a new one. President Nana Addo Dankwa Akufo-Addo announced that the government was building a new refinery while delivering his speech at the 77th session of the United Nations General Assembly on Wednesday September 21. Mr Akufo-Addo [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1209650,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[72],"tags":[2581,333,225,1077,2330,5184,26177,464,4684],"class_list":["post-1209649","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-build","tag-good","tag-govt","tag-oil","tag-plan","tag-refinery","tag-rehabilitate","tag-told","tag-tor"],"_links":{"self":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209649","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/comments?post=1209649"}],"version-history":[{"count":0,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/posts\/1209649\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/media?parent=1209649"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/categories?post=1209649"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.ghanamma.com\/2022\/wp-json\/wp\/v2\/tags?post=1209649"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}