TOR's debt is now 3.5 Trillion Cedis

Yaw Osafo-Maafo, Minister of Finance on Tuesday said the debt of the Tema Oil Refinery (TOR) had now increased from 3.4trillion Cedis to 3.5trillion Cedis.

Speaking to newsmen after the People's Assembly in Accra, Osafo-Maafo said something radical should be done to save the situation. He said when government assumed power in 2001, the debt stood at 2.3trillion Cedis and an additional hidden debt of 1.1trillion cedis, which was not reflected in the main accounts of the Company.

The Finance Minister said government's subsidy of about 50bn Cedis a month on TOR was having a serious effect on the economy. In an answer to a question, Osafo-Maafo said forensic audit in some institutions and organisations instituted by his Ministry had been completed and the reports submitted to the various Boards of Directors of the institutions and organisations for implementation.

He said the onus was now on the institutions and organisations involved to liase with the Attorney-General's Department to implement the decisions and recommendations of the reports.