Tuesday, 06 May

CEMSE urges new TOR MD to take bold steps toward financial recovery

Business
Benjamin Nsiah

The Centre for Environmental Management and Sustainable Energy (CEMSE) has urged Edmond Kombat, the newly appointed Managing Director of the Tema Oil Refinery (TOR), to implement bold and decisive reforms to restore the struggling refinery to financial stability.

In a statement, CEMSE acknowledged Kombat’s promotion from Deputy MD as a positive move but emphasised that his top priority should be addressing the refinery’s longstanding operational and financial challenges.

The Centre highlighted the need to reduce TOR’s bloated workforce and overhaul its public image as key steps toward achieving a turnaround.

“Mr. Kombat must undertake a thorough review of TOR’s staffing structure,” said Benjamin Nsiah, Executive Director of CEMSE.

“The company is overstaffed, and a strategic retrenchment exercise is necessary to enhance efficiency and improve liquidity.

This will make TOR more attractive to both local and international investors.”

Nsiah stressed that the issue of redundancy is significantly undermining the refinery’s operational effectiveness.

“He must be courageous enough to make the tough calls.

The excess staff is a drain on TOR’s resources and is hampering its ability to function optimally,” he noted.

In addition to streamlining the workforce, CEMSE is advocating for a comprehensive rebranding initiative to reposition TOR’s image in the public eye and among investors.

“TOR urgently needs to shift the narrative,” Nsiah stated. “Too often, the refinery is in the news for the wrong reasons.

A deliberate rebranding effort is essential to present it as a modern, efficient, and competitive refinery on par with others in the sub-region.”

Nsiah added that a refreshed image would help attract the investment needed to modernise TOR’s infrastructure, acquire new equipment, and secure financing to support its long-term growth.

 

 

Source: Classfmonline.com/Cecil Mensah