Ghanaian President John Mahama has ordered a review of the payment arrangements for crude oil supplied to the Tema Oil Refinery (TOR), signaling a potential shift away from current dollar-denominated settlements.
The government will initiate discussions this week to explore alternative structures for settling these payments, aiming to optimize the financial mechanics of domestic refining operations.
The directive comes shortly after Ghana took a concrete step toward restoring its domestic refining capacity with the commissioning of the refurbished Crude Distillation Unit (CDU) at TOR.
President Mahama led the ceremony marking the restart, which is expected to reduce the country's reliance on imported refined petroleum products.
The move to review payment terms suggests an effort to align the financial framework with the operational revival of the refinery.
Restructuring how TOR settles for crude could have implications for Ghana's foreign exchange management and the broader energy sector's cost structure.