Ghana’s only oil refinery owes over $300 million as of April 30, 2019

The Tema Oil Refinery’s (TOR) much talked about debt has reached $343,323,740 (¢1.85 billion) as of the end of April this year.

Tema Oil Refinery (TOR)

This was after ¢1.1 billion of it was settled by the company in a bid to clear the energy sector debt, ESLA PLC.

The TOR debt is as a result of the refinery’s inability in the past to pay back some loans from banks to finance their operations.

This was as a result of commercial losses and the inability in the past to sell crude oil processed to help pay back some of these loans.

Due to this the government at the time passed a law in 2003 to allow for the application of levies on the price build-up of Diesel and Petrol to help clear these debts.

But many people have wondered how these taxes have been administered and whether the time has come to remove these levies.

There have been arguments that petroleum prices are high because there are too many taxes on each litre of the product sold to customers. Therefore, the only way to relieve Ghanaians is to remove some of the levies on the price build-up. 

However, from the latest statement from the TOR, it seems there is still a lot of debts to be paid when it comes to the TOR debt.

The refinery in the statement, also argued that some measures being instituted by the finance and energy ministry would help deal with this challenge.

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