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We are not engaged in a dubious deal – TOR management
The management of the Tema Oil Refinery (TOR) has debunked claims of engaging in a murky proposed partnership agreement with the Tema Energy and Processing Limited.
This comes after a directive by the Office of the Special Prosecutor to the management to suspend its proposed partnership agreement.
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”.
The Office thus directed TOR to furnish all the necessary documentation regarding the proposed agreement on or before the close of Tuesday, December 5, 2023.
Board Chairman of TOR, David Adomako, said the proposal had been reviewed by key stakeholders within the sector.
According to him, the deal has also been subjected to competitive tender.
Speaking at a media engagement, he said the aim of the board is to revive the state-owned company.
“We’ve subjected this deal to competitive tender and evaluated by the TOR board comprised of reputable and highly experienced individual. The proposal was reviewed by the MoE [Ministry of Energy], MoF [Ministry of Finance], SIGA [State Interest and Governance Authority], Attorney General, BOST and the NPA [National Petroleum Authority]”.
“Substance of the proposal has remained constant but changes to the legal identity of the lesser was necessitated by prevailing circumstances and with the knowledge of stakeholders”, he said.
Mr. Adomako also said the deal is aimed at restoring the company to profitable and sustainable refining activity.
He added the deal is to ensure the rehabilitation and improvement of TOR infrastructure.
“The board is just poised to revive the company. We want to restore the morale of the staff and improve on the working conditions and benefits. We are just committed to supporting the company”, he added.
It is unclear what has necessitated this decision by the OSP, but in recent times, the staff of TOR have been up in arms against five of their colleagues and two board members for allegedly registering an entity by the name ‘TOR Workers’ Charity Fund’ to confidentially take up shares in the TOR-Torentco deal without the concerns of the over 500 workers.
Source: Myjoyonline.com
The Global Network of Export-Import Banks and Development Finance Institutions (G-NEXID) successfully held its sixth (6th) Exchange Programme, hosted by the Ghana Export – Import Bank (GEXIM) Bank in Accra from March 22 to 23 March.
The event brought together member institutions, partner organisations and Ghanaian public entities to advance dialogue on South-South trade, investment and development finance, while also creating opportunities for knowledge-sharing and institutional cooperation.
Organised as a capacity-building and networking platform, the 2026 edition of the G-NEXID Exchange focused on GEXIM’s experience in developing innovative solutions to promote intra-African and extra-African trade.
It also highlighted trade and investment opportunities in Ghana, particularly in the context of the African Continental Free Trade Area (AfCFTA) and broader national development initiatives.
The Exchange Programme forms part of G-NEXID’s mandate to foster cooperation among export-import banks and development finance institutions in support of South-South trade and investment.
This 6th edition follows earlier successful programmes hosted by India Exim Bank (2016), BNDES (2017), Indonesia Eximbank (2018), Afreximbank (2019) and Saudi EXIM Bank (2025).
On the first day, participants were presented with G-NEXID institutional information and received an update on the Network’s 2026 work programme.
There were a series of substantive presentations, including an overview of the Ghanaian economy by the Ministry of Finance, with particular attention to debt-related challenges; a presentation by the Ghana Investment Promotion Centre (GIPC), on investment opportunities in the country; and institutional presentations by GEXIM and Development Bank Ghana (DBG) on their respective mandates, initiatives, products and services.
Discussions during the sessions underscored strong interest in sector-focused webinars and business dialogues, particularly in agribusiness value chains such as poultry and rice.
Participants also emphasized the importance of continued information exchange and the sharing of best practices, especially in the area of guarantees.
The second day opened with a presentation on the 24-Hour Economy and Accelerated Export Development Programme, a national economic transformation strategy launched by President John Dramani Mahama in July 2025.
The initiative aims to enhance economic productivity through continuous industrial activity, accelerated export development and strategic import substitution.
As the programme is expected to mobilise both private and development capital, it presents concrete opportunities for G-NEXID members in areas such as co-financing, guarantees, trade finance and technical cooperation.
The programme also featured institutional presentations by guest organisations, namely the African Guarantee and Economic Cooperation Fund (FAGACE) and the West African Development Bank (BOAD), which shared their mandates, initiatives, products and services.
Following these exchanges, the G-NEXID Secretariat held bilateral discussions with both institutions as part of the Network’s ongoing membership drive.
Participants further benefited from a presentation by the Eastern and Southern African Trade and Development Bank (TDB), as well as a showcase of GEXIM’s key pipeline projects.
On the margins of the Exchange Programme, G-NEXID members also held their 20th Annual General Assembly Meeting to review progress and discuss strategic priorities.
Following the event, participants joined the GEXIM@10 International Conference, held from March 24-25, 2026 under the theme, “A Decade of Enabling Export Trade and Industrial Transformation: Resetting GEXIM for the Next Frontier.”
The conference provided an important platform for exploring how Ghana can strengthen its transition from a primary commodity exporter to a more competitive player in value-added trade and industrial development.
Source – G-NEXID
President John Dramani Mahama on Tuesday, March 31, 2026, signed five bills including three amendment bills passed by Parliament into law.
They are: Security and Intelligence Agencies Bill, 2025; University of Engineering and Agricultural Sciences Bill, 2025; Ghana Deposit Protection (Amendment) Bill, 2025; Growth and Sustainability Levy (Amendment) Bill, 2026; and Education Regulatory Bodies (Amendment) Bill, 2026.
In a brief remark after assenting to the bills, President Mahama explained that the Security and Intelligence Agencies Act, 2026, scraps the Office of Minister of National Security and frees the President’s to appoint any Minister to supervise the security agencies.
He said it also reverses the name of the office of National Intelligence Bureau (NIB), to the original name, Bureau of National Intelligence, (BNI).
This the President said, addresses the confusion between that security agency and a well-known Ghanaian financial institution, the National Investment Bank.
President Mahama also noted that the University of Engineering and Agricultural Sciences Act, 2026, establishes another University in the Eastern Region, at Bonsu, with three campuses – the main campus at Bonsu in the Eastern Region, with the second campus to be cited at Ohawu in the Oti Region.
The third, the Presdient assed will be located at Acherensua in the Ahafo Region.
Touching on the Amendment to the Growth and Sustainability Levy Act, the President said, “As you’re aware, the act was amended to increase it from 1% to 3%, and so this act reduces it again. That is the levy on mining companies. It reduces it again to 1%, because of the introduction of the sliding scale of royalties.”
He also spoke to the passage of the Government Education Regulatory Bodies Amendment Act, emphasising that amends Act 1023 to grant greater flexibility to private tertiary institutions and the option to Charter.
The Ghana Deposit Protection Amendment Act, the President concluded, is an amendment to an original act that was supposed to guarantee deposits held in commercial banks or financial institutions.
It basically expands protection to include mobile money wallets and other digital platforms, ensuring a wider scope of digital financial assets are secured.
The signing ceremony, was witnessed by the Clerk of Parliament, Mr. Ebenezer Ahumah Djietror, Secretary to the President, Dr Callistus Mahama, the Minister of Justice and Attorney General, Dr Dominic Akrutinga Ayine, Chief of Staff, Julius Debrah, Joyce Bawa Mogtari, a Senior Presidential Advisor and a Special Aide to the President, Finance Minister, Dr Cassiel Ato Baah Forson, and the Vice President, Professor Jane Naana Opoku Agyemang.
