Mahama Directs TOR to Pay Local Currency for Ghana's Jubilee Crude

President John Dramani Mahama has directed the Energy Minister to re-examine how Tema Oil Refinery (TOR) pays for Ghana's Jubilee Medium Sweet Crude Oil. According to the Minister of Energy and Green Transition, John Jinapor, President Mahama questioned why TOR takes crude, processes it in Ghana cedis, but has to pay for it in US dollars.

At a meeting with the Governor of the Bank of Ghana and the Minister of Finance present, President Mahama asked about the payment arrangement. He instructed the Energy Minister to 'rethink and take a second look' at paying in Ghana cedis instead of dollars.

The requirement to pay in dollars is standard industry practice for crude oil trading internationally. However, President Mahama pointed out that this adds pressure on the currency and increases costs when buying foreign exchange.