The Minister of Public Enterprises, Joseph Cudjoe, has criticized the Tema Oil Refinery (TOR) as a “political football,” manipulated by politicians for personal gain. Speaking at the Ministry of Information’s Meet-The-Press series on August 16, Cudjoe revealed that political interference has repeatedly hindered his efforts to engage private investors in recapitalizing TOR.
“Anytime you speak to potential investors in the refinery business, the response is always the same: TOR is a political football in Ghana,” Cudjoe stated.
He explained that private investors typically prefer to remain out of the public eye, but in Ghana, involvement with public assets often leads to unwarranted public scrutiny, deterring investment due to concerns about reputational risk and unfair associations with wrongdoing.
“Private investors usually don’t want to be known. They want their names out of the public domain. But in Ghana, if you get close to a public asset, your name could be dragged through the mud as if you’re a thief,” Cudjoe said.
He pointed to Sentuo, a new refinery built near TOR, as an example of how investors are choosing to build new facilities rather than invest in existing ones like TOR. He also noted that the proposed Petroleum Hub development project may attract new refineries instead of encouraging investment in TOR.
“So don’t be surprised that directly opposite TOR, in the same industrial enclave, there is a Sentuo refinery being built. We could have offered TOR to the same investor,” Cudjoe said. “Don’t be surprised if the Petroleum Hub project attracts another new refinery.”
Despite these challenges, Cudjoe remains hopeful that the President’s newly formed team will create a successful turnaround plan for TOR.
