His comments come on the back of the president’s announcement in the week during a working visit to the Tema Oil Refinery that Ghana will soon build another refinery.

But Dr. Ishmael Ackah says a new refinery is not as necessary as making the existing refinery profitable.

“I think that we should do this with some form of caution. We already have TOR which has been redundant for over 30 years and it should be made viable and profitable. If we get to the phase where our current TOR is efficient then we can take advantage of the West African market and the downstream opportunity,” he emphasized

He cautioned, “until then, let’s make tor viable, without any governmental influence. It has started making some strides, but it needs more attention and input, and make sure it’s efficient, sustainable and profitable”

He also called on government to be strategic in managing the funds accrued from TOR, to the benefit of the nation

“45,000 barrels a day can be very strategic for the local Ghanaian market and the economy. Let us find the money accrued and use it to the benefit of the nation. If we are not careful and strategic, we will wrongly use the funds out of the euphoria of TOR’s operation and that can create problems where there will be levies for consumers to pay,” he stressed

TOR has currently increased its production from 45000 barrels to 60000 barrels a day.

Story by Sarah Apenkroh