Mahama directs review of TOR’s dollar-based crude oil payments
The government will begin discussions this week to review the payment arrangements for Ghanaian crude oil supplied to the Tema Oil Refinery (TOR), following a directive from President John Mahama to explore settling payments in Ghana cedis rather than U.S. dollars.
President John Mahama has ordered an investigation into the way Ghanaian crude oil is paid for by the Tema Oil Refinery (TOR). The move comes after Mahama questioned the current practice of TOR purchasing U.S. dollars to pay for oil produced within Ghana. The proposal is to settle payments in Ghana cedis instead, aiming to ease pressure on the country's foreign exchange market.
Dr John Jinapor, the Minister for Energy and Green Transition, revealed that Mahama wanted the Finance Minister and the Governor of the Bank of Ghana to reevaluate the arrangement. If approved, TOR would pay for its crude oil in local currency, potentially lowering transaction costs and bolstering the stability of the Ghana cedi.
This review is part of the government's Reset Agenda, which seeks to increase local value addition, strengthen domestic industries, and lessen Ghana's reliance on foreign currency in key economic sectors.
Written by urgent.news from MyJoyOnline Ghana's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
