Workers at the Tema Oil Refinery (TOR) in the Greater Accra Region have expressed their concerns over the government’s decision to lease the refinery to TORENTCO, a private investor.
They argue that this lease agreement resembles the controversial Power Distribution Services (PDS) deal involving the Electricity Company of Ghana (ECG), where funds went unaccounted for.
The workers believe that TORENTCO cannot effectively manage TOR.
Mr. Bernard Owusu, the General Secretary of the General Transport and Petrol Chemical Workers Union of the Trade Union Congress (TUC), raised these concerns when speaking to Ohene Kinnah on Plan B FM’s late afternoon show EBAANOSEN, Mr. Owusu emphasized that TORENTCO, as a strategic partner, does not offer any guarantee of better management for TOR.
He argued that the company has no track record in the refinery sector, raising doubts about its ability to revive and operate the refinery successfully.
The discussions regarding a private investor for TOR initially involved a company called Decimal Capital Limited, owned by the former Managing Director of TOR, Mr. Asante Berko.
However, Mr. Berko resigned on April 15, 2020, due to allegations of bribery by the US Securities and Exchange Commission. This led to a breakdown in talks with his company.
Later, Mr. Berko transferred his interest to another company named Biege Bridge, which eventually became TORENTCO.
The frequent transformation of the company throughout the deal raised suspicions among the workers.
Mr. Owusu clarified that the workers at TOR are not against the deal itself but rather the manner and model of the agreement.
He pointed out that no proper due diligence was conducted before entering into the leasehold arrangement, and the company’s claim to revive TOR lacks any concrete guarantees.
The workers at TOR are calling on the government to reconsider the lease agreement with TORENTCO and ensure that the best interests of the refinery and its employees are protected.
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