TOR To Be Privatised

The government intends offload 70 per cent of its shares in the Tema Oil Refinery (TOR) with the objective of injecting more capital into its operations. Thirty-five per cent of the shares will go to a strategic investor while the other 35 per cent will be floated on the Ghana Stock Exchange. The government will retain the remaining 30 per cent.

Finance and Economic Planning Minister Kwadwo Baah-Wiredu, announced this to newsmen on his arrival at the Accra airport from Korea where he attended a six-day Ministers? conference on Korea-Africa Economic Co-operation.

Mr Baah-Wiredu said two companies - S.K. Corporation and Samsun of Korea - had expressed interest in the company and would make follow-ups for discussions on the modalities to be adopted in respect of the transaction. He said that he held discussions with officials of the Korea Railway Corporation on the possibility of rehabilitating the eastern railway line stretching from Accra to Kumasi, adding that a delegation was expected from Korea to conduct feasibility studies on the project.

Mr Baah-Wiredu said the conference was a follow-up to the ?Korea initiative on Africa?s development? which was conceived by Korea?s President Roh in March aimed at sharing that country?s experience and know-how in economic development with Africa. He mentioned some of the achievements of the conference as providing the opportunity for the African Ministers and the President of the African Development Bank to exchange views with the President of Korea on development issues and areas of co-operation between Korea and African countries.

It was also recognized that the Korea Exim Bank would continue to play a crucial role in promoting and strengthening economic co-operation with African nations by providing comprehensive, financial and consulting services. Mr Baah-Wiredu said there was an increased involvement of Korea in Africa?s economic development process through knowledge sharing, investment, private sector participation and increased influence of public resources. He was optimistic of the positive outcome , saying that the conference brought to the fore the awareness of important opportunities existing in Africa, particularly in the area of infrastructural development.

On the way forward, he said, ?There is the need to establish mechanisms for maintaining dialogue between African countries and Korea with the African Development Bank and the Korea Exim Bank, for them to play a catalytic role in moving the agenda of Korea-Africa Co-operation forward.?