President Mahama directs Energy Minister to consider paying for Ghana's Jubilee Medium Sweet Crude Oil for TOR using cedis instead of dollars

President John Dramani Mahama has directed the Minister of Energy to rethink and take a second look at how the Tema Oil and Sentuo refineries can pay for Ghana’s indigenous Jubilee Medium Sweet Crude Oil using the local currency, the Ghana cedi, rather than the US dollar when they take delivery of the oil." "He gave me instructions and fortunately , the Finance Minister and the Governor [of Bank of Ghana] they were around, he said "rethink, take a second look at it, when Tema Oil Refinery takes the crude and they process and sell it in Ghana cedis, when don't we pay Ghana cedi into that account and use our own cedi rather than going to the forex and buying dollars And then the Governor said yes, Mr President you are right because when we go to the market and we buy forex, we put pressure on our currency, we add cost to it, so next week lets have a meeting so that we can structure that, Mr Jinapor quoted the Governor as saying.

The Minister of Energy and Green Transition, John Jinapor, said President Mahama had questioned why TOR and Sentuo take the crude, process and sell in Ghana cedis but had to pay for it from the suppliers in US dollars According to Mr Jinapor, they were at a meeting at "President Mahama's house" with the Governor of the Bank of Ghana in attendance when he asked about the payment arrangement and he brought "another angle.