The Managing Director of Tema Oil Refinery, Edmond Kombat, confirmed that TOR is working with the Tema Development Company to resolve disputed rent arrears that trace back to 2011.
According to a report by TDC, TOR and VALCO jointly owe about GH¢581.7 million in rent. Mr Kombat explained that the two institutions disagree on the exact amount owed and have therefore formed a joint team to reconcile their records.
The team has already produced a first draft, which is currently under review. Once the parties agree on the final amount, a payment plan will be established.
Speaking at a Government Accountability Series on Monday, October 26, Mr Kombat said, “We received this rent issue that we owe; I think it dates back to 2011 or so. We did an assessment, and I met the TDC CEO in his office, and he also returned the visit. There was a disagreement with the amount that was quoted. So, we formed a joint team between TDC and TOR to do the reconciliation; they have presented their first draft. The teams are reviewing it, and then we will have a final agreement and a payment plan on how to work on it; it’s under control.”
TDC Managing Director Courage Makafui Nunekpeku added that the two state‑owned enterprises had also failed to pay ground rent for several years. During a working visit by Minister for Works, Housing and Water Resources Ahmed Ibrahim to TDC Ghana Ltd, Mr Nunekpeku said the companies would be required to settle their outstanding obligations, including ground rent, as part of the lease renewal process.
Both parties now await the final review of the draft before moving forward with a settlement and payment schedule.
