Editorial: TOR for imminent revival!

As part of efforts to cut the nation’s annual US$10.2billion oil import bill and conserve foreign exchange, government plans to restart crude oil refining operations at the Tema Oil Refinery (TOR) by end of this year.

The refinery has targetted meeting around 60 percent of local crude oil consumption, which could save the nation an estimated US$400million per month in import costs and stabilise local fuel prices.

A Deputy Presidential Spokesperson, Shamima Muslim – speaking at the Africa Best Business Awards, said the move forms part of President John Mahama’s ‘Resetting Ghana Agenda’ which seeks to rebuild the economy through reforms and strategic partnerships.

She said the refinery’s revival follows a comprehensive assessment and restructuring process that reached a 98 percent completion milestone. Under the new model, TOR will operate under a tolling arrangement in partnership with Sentuo Oil Refinery Limited, designed to ensure operational efficiency and financial sustainability.

The plan is also expected to enhance energy security and reduce dependence on imported petroleum products, which have been a major pressure point on the cedi and fiscal balance.

The Deputy Presidential Spokesperson said this administration’s fiscal and monetary reforms have “restored investor confidence and rebuilt discipline in managing the economy”.

In relation to the energy sector, partnerships with private investors have resulted in commissioning a 5MW floating solar photovoltaic plant at Bui – the first of its kind in West Africa, with an additional 25MW expected next year.

Reviving TOR and investing in renewable energy demonstrates government’s twin goals of achieving energy security and sustainable development while positioning Ghana as an industrial and export hub within the sub-region.

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