Revive TOR to clamp down cedi depreciation - Solomon Nkansah

Former National Communication Officer for the largest opposition National Democratic Congress (NDC), Solomon Nkansah has reiterated that Ghana’s economy will remain overly exposed to volatility on the global market if it doesn’t commit resolute resources to make the Tema Oil Refinery efficient. According to him, “we need to see how to internalize our competitive advantage so that we don’t go out there to pay money to a refinery in Europe when your refinery has been left idle and abandoned, almost.” Solomon Nkansah explained that, efficiently operating Tema Oil Refinery will ensure that the country saves foreign currency that would ordinarily go out of the economy in exchange for petroleum products. “You cannot continue to be an oil-producing country and kick out your refinery. If we knock out the refinery, what it simply means is that you are going to depend on Europe for your economy to run because virtually what your vehicles and engines would consume would have to be imported and that explains why the Ghanaian cedi has never been able to perform well because if are always importing petroleum products , you can imagine how much it takes away from your economy,” Solomon Nkansah tood Kwaku Owusu Adjei on Adwenekasa on Accra-based Original FM 91.9. The rising fuel prices and general spike in inflation have resulted in the exponential increase in the price of goods across the country. He noted that until Ghana enhances its competitive advantage when it comes to the production of oil and refinery, dollarization will persist.