Business in Ghana

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Posts Tagged ‘TOR’

IMANI Alert: Can the Tema Oil Refinery deliver today? A possible way out

Posted by Business in Ghana on September 7, 2014

The energy sector is undoubtedly the most essential sector if Ghana is to come out of its current economic atrophy.  President Mahama underscored this fact when he declared that the Atuabo Gas project in his view, is the game changer in Ghana’s energy mix and an attempt to resurrect the near moribund economy.  That the second Millennium Challenge Compact is dedicated to energy attests to the vision.

One essential player in the energy picture of this sector is the Tema Oil Refinery (TOR).  TOR was established by Ghana’s first President, Kwame Nkrumah with financial and technical support from Italian investors. TOR’s mandate at the onset was refining crude oil for Ghana and her neighbouring countries. TOR’s core business has over the years been broadened to include procurement, storage, refinery and distribution of crude oil. However many observers have argued that the ambitions of TOR whilst in keeping with a growing economy such as Ghana’s was not strategically anchored in a future vision for running it as a serious profitable business, hence its current near defunct and financially broke natural order.

We have seen successive governments design strategies some of which have involved large financial investments and bailouts of the institution-the result of which is the current recovery levy which became a public debate with various analyses emerging on how the country could generate value from such an economic venture. Such debates and discussions that did not bring closure to the TOR debacle, have resulted in the establishment of institutions such as Bulk Oil Distribution Companies (BOST), Bulk Distribution Companies and Oil Marketing Companies with various responsibilities and duties being assigned to each of these institutions to ensure that the procurement, refinery, storage and distribution of petroleum products within the supply chain are comprehensive to prevent frequent shortages. Recent developments have prompted further discussions of the revival of TOR and how to make it an efficient economic entity. However the following factors must be considered prior to undertaking such investment. Read the rest of this entry »

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Posted in Franklin Cudjoe, Oil and Gas | Tagged: , , , , | Leave a Comment »

IMANI Report:  Electricity Privatization Conundrum- ECG is NOT for sale

Posted by Business in Ghana on August 4, 2014

Ghana has concluded agreements with the Millennium Challenge Corporation (MCA) for a $500m investment in Ghana’s energy sector. Specifically in the electricity sector, intense private participation is a requirement for drawing down the funds. Unfortunately given Ghana’s history of badly managed privatization deals, some rightly, are speculating the deal is an outright sale of ECG. This report is a complete evaluation of the agreement and the entire process which when aptly executed will revamp the electricity sector and help alleviate the challenges confronting the country in its energy sector. It provides in brevity the conditions in the MCA in relation to the second phase of the compact agreement and the expectations for disbursement of funds. Read the rest of this entry »

Posted in Energy, Franklin Cudjoe | Tagged: , , , , , | 2 Comments »

The Recantation. Critical News, 22nd June 2014

Posted by Business in Ghana on June 22, 2014

Sydney Casely-Hayford, sydney@bizghana.com

It was a good idea to trip to the Accra Mall on Saturday.  Same day we expected to beat Germany to stay in contention to win the World Cup, and I was not surprised at the numbers I saw shopping and de-tensioning before the match later that night.

Nature blessed us, we have not had much rain lately, and the power supply has been more consistent.  I am not confident enough to lay the success of this temporary “dumsor” fully on the floor mats of VRA, GRIDCO, BUI and ECG; the gang of four who can’t seem to calculate how much supply we have unless they talk to the politicians.

So the timely intervention by almighty nature is a boon to all praying religions and their dedication to Brazillia.

My own prediction last week that the Black Stars would win 3-1 against the USA did not happen, and I was reminded by friends, family and readers, that I need to be more prayerful.

I am not egoistic enough to think that my added prayers alone would ensure world cup success.  If that were possible, I would mount a podium next to Duncan Williams and charge muchos dollars.

But I have been wondering.  Is there a thriving private economy from Government?  Analytically, isn’t the private sector functioning without Government?  It appears so, since all that Government does is make payroll and even that.  It seems to me that we are getting on with life despite Government being broke. Read the rest of this entry »

Posted in Critical Weekly News, Sydney Casely-Hayford | Tagged: , , , , , , , , , , , , | Leave a Comment »

On Fuel Hikes and Petro-Economics

Posted by Business in Ghana on January 6, 2011

By Sydney Casely-Hayford, Sydney@bizghana.com

The Tema Oil Refinery (TOR) debt is a shifting target.  Without it’s interest element, the current principal debt is estimated at Ghc1.5billion.  This figure includes balances due to Ghana Commercial Bank (GCB), Barclays Bank, Standard Chartered Bank and other TOR notes raised on the commercial markets.  According to the Finance Minister Dr. Kwabena Dufuor, the balance due to GCB alone as at December 31, 2010 is approximately Ghc640million. Read the rest of this entry »

Posted in Oil and Gas, Sydney Casely-Hayford | Tagged: , , , , , , , , | 16 Comments »

A Message For Cocoa Board, GNPC and TOR

Posted by Business in Ghana on November 30, 2010

By Kwaku Adu-Gyamfi (Voice of Reason), NJ, USA

For Ghanaians to get real equity, please list these companies on Ghana Stock Exchange Market, anything less is just a joke.

Who are the true owners of the Cocoa Board, TOR and GNPC?

Why can’t ordinary Ghanaians buy shares in Cocoa Board and GNPC or TOR, if they’re the true owners   of these companies? Read the rest of this entry »

Posted in Kwaku Adu-Gyamfi, Social Services | Tagged: , , , , , , | 3 Comments »