Ghana: David Adomako, Chairman of the TOR Board, resigns

The Board Chairman of Tema Oil Refinery (TOR), David Adomako, has tendered his resignation from the board.

Mr. Adomako’s resignation letter to the presidency cited recent developments at the refinery as the reason for his decision to step down.

TOR workers, under the leadership of the General Transport Petroleum and Chemical Workers Union (GTPCWU), have accused the management and the Board of lacking transparency in negotiating a partnership deal between the company and Tema Energy and Processing Limited, formerly known as Torentco Asset Management Limited.

As a result of the situation, the Board interdicted two executives of GTPCWU, Serwah Duncan-Williams and Anthony Koomson.

“I am unfortunately not in the position to dedicate the necessary time and energy required for a renewed pursuit of a solution for the company, which in my opinion will be an onerous task without a determinable outcome”, Mr. Adomako said in the letter also copied to the Ministry of Energy.

According to Mr. Adomako, the Board believes that the optimal strategy for reviving the company is to partner TOR with Torentco, although the deal has not yet materialized.

“I am also concerned that such a solution will require a level of harmony between staff, management, board of directors and all other stakeholders that sadly appears to have failed us in this most recent iteration of restructuring efforts”.

He emphasized that the deal would not only revive TOR but also place it on a solid financial foundation for long-term sustainability.

“In the absence of government financial support for the rehabilitation of the refinery, and given the difficulty in attracting significant private sector investment in the plant, the board has instructed management to present a wider range of alternative strategic options for TOR, whilst also continuing its ongoing efforts to secure investors interested in the rehabilitation of the refinery”.

He cautioned that the company is facing challenges in securing the necessary funding from the government, highlighting the importance of finding a strategic partner as the most viable option.

“I wish the very best for the good people of TOR, and in particular the ordinary working staff, in the immediate future and beyond,” Mr Adomako said.