Home Business NDC left $345m debt at TOR, we’ve done better – Amin Adam
Business - November 8, 2020

NDC left $345m debt at TOR, we’ve done better – Amin Adam

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Dr. Mohammed Amin Adam, Deputy Minister of Energy in charge of the Petroleum Department, stated that the New Patriotic Party (NPP) government’s management of the Tema Refinery (TOR) affairs is better than the previous National Congress of Democracy (NDC) government.

According to him, TOR has witnessed the growth during the NPP term.

He promoted this in the “Energy Declaration City Hall” organized by the Chamber of Bulk Oil Distributors (CBOD) and its partners.

He said: “Ghana has no single drilling rig. If you don’t drill, how do you build an industry? The success of the oil industry lies in drilling, because if you don’t drill, you won’t find it. You don’t even know the geology of the area. . Our oil industry is collapsing, but with the timely intervention of the NPP government, we now see hope that our industry can survive and develop.”

He also pointed out that before NDC left, many unaudited records and debts related to TOR were left on the account books.

“On the issue of TOR, we encountered the same problem, namely the unaudited accounts when they left the office from 2013 to 2016. How did TOR make a profit after leaving the government. What is the basis of this profitability?” he Added.

He further revealed that the nuclear power plant inherited TOR’s US$345 million in debt from the National Data Center government led by Mahama.

“We didn’t come to see any profit, but to pay off the debt. For example, $345 million in outstanding debt was found in TOR’s books. If it exists, how much profit did TOR make? How do they deal with these outstanding debts? Debt,” he asked.

He added that the current government “also found that [TOR] owed about 1 billion Ghanaian cedi to third parties, traders and financial institutions.”

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