The directive was disclosed by the Minister for Energy and Green Transition, John Abdulai Jinapor, during the commissioning of newly refurbished facilities at the Tema Oil Refinery (TOR) on Saturday, August 1, 2026.

The event also marked the official delivery of one million barrels of Ghana’s Jubilee Medium Sweet crude oil to TOR aboard the MT Apache for local refining.

According to Mr. Jinapor, President Mahama questioned why local refineries that process crude oil and sell refined petroleum products in Ghana cedis are required to purchase the crude in US dollars.

The minister explained that the issue came up during a meeting attended by President Mahama, the Finance Minister and the Governor of the Bank of Ghana.

He said the President asked how TOR and Sentuo paid for crude oil, and he responded that existing provisions under the Petroleum Holding Fund and the Petroleum Revenue Management Act require the refineries to obtain foreign exchange and make payments in US dollars.

Mr. Jinapor said President Mahama then instructed him to re-examine the arrangement, arguing that since the refineries generate revenue in Ghana cedis, they should be able to pay for locally produced crude in the local currency rather than purchasing dollars on the foreign exchange market.

According to the minister, the Governor of the Bank of Ghana supported the proposal, noting that reducing demand for foreign exchange could ease pressure on the cedi and help lower transaction costs. He added that the central bank and the Ministry of Finance would hold further discussions to explore the proposal.

Crude oil is traditionally traded on the international market in US dollars, and producers invoice buyers in that currency regardless of where the oil is extracted or refined. Ghana’s current legal framework, including the Petroleum Holding Fund and the Petroleum Revenue Management Act, also requires payments for crude oil to be made in foreign currency.

Speaking at the ceremony, President Mahama revealed that TOR has received three separate one-million-barrel crude shipments since May 2026, including cargoes of Bonga crude, Baleine crude and Ghana’s Jubilee Medium Sweet crude.

He said two million barrels had already been refined into petroleum products, while payment for the Jubilee crude shipment had been completed.

The President also directed the Energy Minister, in collaboration with the TOR Board and management, to develop a strategic plan aimed at expanding the refinery’s processing capacity to 100,000 barrels per day.

He further announced that the government would restructure TOR to minimise political interference in its operations, stressing that the recent rehabilitation of the refinery had been achieved without direct financial support from the Government of Ghana.