TOR is a political football – Public Enterprises Minister bemoans investors’ comments on refinery
Published:
3 months ago
Source:
3News
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Public Enterprises Minister, Joseph Cudjoe has identified the core issue behind the difficulty of Tema Oil Refinery (TOR) in attracting and sustaining serious investment. According to him, TOR has been reduced to a "political football," a situation that has made it too volatile for any serious investor to consider sinking capital into.
"Anytime you have spoken to someone out there to bring investment to TOR, and I'm talking about serious investors in the refinery business, the response I have received is, TOR is a political football in Ghana," he stated.
"Therefore, which serious investor will come and expose his good money, corporate image and personal reputation to a political football."
Speaking during his turn at the Ministry of Information's Meet-The-Press series, Joseph Cudjoe, a former Deputy Minister of Energy in charge of Finance and Infrastructure, revealed that his discussions about private investments to partner government to recapitalize TOR often hit a roadblock due to concerns over political interference. This, he said, serves as a major deterrent to potential investors who fear they "will be politically witch-hunted," or subjected to "unnecessary and uninformed public commentary," ultimately risking their ability to conduct business elsewhere.
"Private investors usually don't want to be known. They want their names out of the public domain. But in Ghana, get close to a public asset and see what will happen to you.