The Africa Center for Energy Policy (ACEP), has raised serious concerns over the government’s decision to lease the Tema Oil Refinery (TOR) to Torentco Asset Management without a competitive bidding process.
According to the energy think tank’s Executive Director, Benjamin Boakye, government should have opened up the bidding process to select the most qualified company instead of handing TOR over to a single entity without due process.
In his view, many institutions have expressed desire to take over and ran the oil refinery over the last year to rake in profits and Ghanaians also have a vested interest to know how things are done.
Speaking in a Citi News interview, he said “in the last year alone, I have seen many companies interested in taking over the asset [TOR]. So open it up, be transparent about it, ask everybody who is interested and say I want $1 million, or I don’t want money, who wants it, and what will you give me in return? And then you have bids that you can compare and choose the best out.”
Mr. Ben Boakye was particularly concerned that the company awarded the contract has no track record of any sort.
He stressed that there would be dire consequences when the company fails to deliver and the nation would have lost immeasurably since it would be difficult hold Torentco accountable.
“This is a new local Ghanaian company formed here in Ghana in January 2023, with no track record. If they fail to deliver, how do hold them accountable?”, he quizzed.
ACEP quashed the argument that TOR should be given out to just anybody on the basis that it is making losses. The best should be selected through the appropriate channels for maximum impact, Benjamin Boakye emphasised.