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Torentco deal: We’ll give OSP all the necessary documents – TOR Board
The Board of the Tema Oil Refinery (TOR) has promised to provide the Office of the Special Prosecutor (OSP) with all the necessary documentation for its investigations into the refinery’s intended deal with Torentco Asset Management Limited (TAML).
In a bid to turn TOR from a debt-ridden company to a profitable path, a special-purpose vehicle with the name Torentco Asset Management Limited was set up to champion the lease agreement.
Torentco Asset Management also created a special-purpose vehicle named Tema Energy and Processing Limited (TEPL) to ensure that this vision is achieved.
However, several policy think tanks, including IMANI Africa, have raised red flags over the deal.
The General Transport, Petroleum, and Chemical Workers Union (GTPCWU) of the Trades Union Congress (TUC) Ghana also petitioned the Office of the Special Prosecutor to investigate the lease agreement.
The Transport Workers Union believes “the actions of the individuals behind Tema Energy and Processing Limited seek to induce workers of TOR with 20% of its shares through misrepresentation of workers in an entity by the name “TOR Workers Charity Trust” that never existed nor heard of at TOR, apart from the five individual directors and direct beneficiaries of this trust.”
They expressed fear that the country might be shortchanged because the Board of Directors of TOR has been compromised in the deal.
The OSP, therefore, directed the management of TOR to suspend its proposed partnership agreement with TEPL.
The OSP, in a letter dated November 21, 2023, and addressed to the Managing Director of TOR, Daniel Osei Appiah, said, “It has commenced an analysis of the risk of corruption in respect of the proposed partnership.”
“You are directed to immediately suspend the proposed partnership agreement, ongoing negotiations, operations and all other ancillary activities arising out of and consequent upon the proposed partnership agreement until you are otherwise advised by the Special Prosecutor.”
As such, the Board of TOR in a statement issued on Sunday said “The Board and management of TOR will avail to the OSP any and all documentation required, and we are certain that a better understanding of the issues and processes will allow for this important project to have a chance of being implemented.”
“The alternative would require that TOR continues its ongoing search for viable options in a very difficult market.”
Source: Citinewsroom.com
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Ghana to locally refine its gold starting October 2025 – Sammy Gyamfi
The Chief Executive Officer of the Ghana Gold Board, Sammy Gyamfi, has announced that plans are far advanced for the establishment of a state-owned gold refinery in the country.
Speaking at the 2025 Minerals and Mining Convention, Mr Gyamfi said the refinery will process locally mined gold into bullion instead of exporting it in its raw state.
According to him, it is unacceptable that Ghana, despite being a leading gold producer in Africa, continues to export raw gold known as dore.
He explained that the Gold Board, working with the Bank of Ghana and local refineries, will from October 2025 begin refining gold locally.
He also disclosed that an ultramodern assay laboratory will be built to ensure international standards in testing gold quality.
Mr Gyamfi noted that the refinery will be wholly state-owned and will help Ghana move away from raw mineral exports to value addition.
This, he said, will boost foreign exchange earnings, create jobs, and position Ghana as a hub for gold refining and jewellery production in Africa.
The CEO stressed that the project forms part of government’s strategy to ensure the country benefits fully from its natural resources and to transform the mining sector into a driver of economic growth.
By: Jacob Aggrey
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There is strength in diversity; let’s live in peace – Zanetor Rawlings urges Ghanaians
Member of Parliament for Korle Klottey, Dr. Zanetor Agyeman-Rawlings, has urged Ghanaians, especially the youth, to value the peace the country enjoys and to see diversity as a source of strength.
Speaking at the National Youth Conference held at the Pentecost Convention Centre under the theme “Igniting Potential; Inspiring Change”, she warned against being lured into conflicts and divisions fueled by reckless statements from politicians, traditional leaders, religious figures, or academics.
According to her, many young people have no idea what it means to live in a country torn apart by war, and therefore must not take Ghana’s peace for granted.
She stressed that the harmony among different ethnic and regional groups should be protected at all costs, since it is peace that allows citizens to gather freely and safely.
Dr. Zanetor said Ghana’s development depends on embracing diversity and working together.
She urged the youth to tap into this strength so that Ghana would continue to shine as the “Black Star” of Africa and serve as an example for other nations.
She expressed appreciation to the participants for attending the conference and asked for God’s blessings on the country.
By: Jacob Aggrey
