The former Chief Executive of the Tema Oil Refinery (TOR), Dr Yaw Akoto has denied reports that his removal from office was as a result of an extra 1.1 trillion cedis debt, which he hid from the government.
“This is the first time I am hearing of such a reason. It is rather difficult to see how anyone can hide a debt of 1.1trillion with the consistent financial reporting to all stakeholders.
Dr Akoto said these in reaction to a “Ghanaian Times” report on Wednesday 8 January, which was attributed to President, J.A Kufuor at the People’s Assembly held in Accra recently.
In that report, the President was said to have explained in response to a question that Dr Akoto’s removal from office was because of a discovery of a 1.1trillion cedis debt which was hidden, making the government believe that TOR’s debt was 2.3 trillion.
Explaining further, Dr Akoto stated that from the beginning of his tenure as Chief Executive in July 2000, quarterly financial reports had been consistently provided to the TOR Board, Ministry of Energy, the World Bank/IMF through the Ministry of Finance, the Bank of Ghana, Ghana Commercial Bank, State Enterprises Commission and other creditors and suppliers.
According to him, TOR’s annual financial records have been audited for 2000 and 2001 by an accounting firm Parnell, Kerr, Foster. In 2001, the government also appointed a consultant SEM International to conduct a forensic and management report of TOR. The reports issued by the consultant did not identify any hidden debt at TOR,” he said.
Dr Akoto disclosed that with TOR’s trading account set up by the Ministry of Finance at the Ghana Commercial Bank; it was difficult to see how anyone could hide a debt.
He referred to a letter signed by the Minister of Energy, Albert Kan Dapaah on 10 June 2002, which re-signed him (Dr Akoto) to the Ministry, and which stated that the reason for his removal from TOR was because the Ministry was conducting a critical appraisal of the entire energy sector and the petroleum sub-sector in particular.
“Accordingly, I have decided that you should with immediate effect be re-assigned to the Ministry to assist me, subject to your preference, in either of the following two positions.”
The listed positions were as Director of Petroleum overseeing all the activities in the Petroleum sub-sector of the Ministry or as a Consultant to oversee the development of and construction of a second refinery and its associated infrastructure including the single buoy mooring system.
“You will also provide direct advisory services to the Ministry on Major projects”, the re-assignment letter stated. The letter concluded on a congratulatory note by the Minister, who said that he looked forward to working even more closely with you for the better development of the Energy Sector.”
