Govt has put in place a new TOR board - John Boadu reveals
John Boadu, the Director-General of SIGA
John Boadu, the Director-General of the State Interest and Governance Authority (SIGA), has announced that the government has constituted a new board to oversee the management of the Tema Oil Refinery (TOR).
Read full articleThis decision is part of the government's efforts to restore TOR to its former glory days and address its financial challenges.
Boadu revealed this development during an interview on JoyNews' The Probe on April 14, where he discussed the measures being taken to improve TOR's financial situation. He emphasized that the government is aware of TOR's challenges and is taking radical steps to address them.
"Government has put in place a new board. I was there on Friday to take them through a resolution to increase the number of their directors from nine to eleven," Boadu stated.
He also mentioned that the board has been tasked to provide their plans and programs within a week, outlining areas where the government can offer assistance.
The move comes after a 2021 State Ownership Report highlighted TOR as one of the State-Owned Enterprises incurring losses. TOR has reportedly incurred an average loss of GH₵260.7 million from 2017 to 2021.
Boadu acknowledged that the government bears some responsibility for TOR's debt situation, citing politicization of issues as a hindrance to proper management.
"One thing that sometimes it is difficult discussing, but it is something that we must discuss as a country is that, you have a government having 100% shares in TOR. Prices of products increase in the international market, for the sake of politics [they say] that if they pass it on to the consumer there would be noise, there would be this," Boadu explained.
He also addressed speculations about TOR being up for sale, clarifying that while there were attempts for some arrangements in the past, they did not materialize.
Boadu's statements underscore the government's commitment to revitalizing TOR and ensuring its sustainable operation in the future.
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