Mahama directs review of TOR’s dollar-based crude oil payments

The proposed policy shift aims to reduce pressure on Ghana's foreign exchange market by allowing the state-owned refinery to pay for domestically produced crude oil in local currency.

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.

Announcing the directive at the commissioning of the refurbished Crude Distillation Unit (CDU) at the Tema Oil Refinery, the Minister for Energy and Green Transition, Dr John Jinapor, said the President had questioned the rationale behind the current arrangement, which requires TOR to purchase U.