GCB Ready For TOR Business

The Ghana Commercial Bank is hopeful the rest of the huge debt owed it by the Tema Oil Refinery would be settled by the end of the year. The Finance Ministry in March this year released 445 million Ghana cedis to settle part of the debt which had accumulated over some years. Some 600 million Ghana cedis of the debt however remains outstanding and according to the GCB, the government is making some moves to clear the debt with another installment due this week. The bank's Managing Director, Simon Dornoo told Joy Business the bank would like to see a significant clearance of the debt so it could resume what he believes remains a very lucrative engagement with TOR. He said the bank had temporarily suspended granting loans to the refinery this year “because we already have a significant exposure to Tema Oil Refinery and from the regulatory stand point, we are unable to make additional facilities to the Tema Oil Refinery.” Source: