Tsatsu Tsikata charges Tema Lube Oil to take advantage of AfCFTA

Oil and Gas Tsatsu Tsikata charges Tema Lube Oil to take advantage of AfCFTA
JUL 5, 2022 LISTEN

Mr Tsatsu Tsikata, the first Chairman of the Board of Directors of Tema Lube Oil Company (TLOC) has urged the company to take advantage of African Continental Free Trade Area (AfCFTA) to improve the exposition of their products.

He said the AfCFTA platform provides the structure for foreign traders, producers, and stakeholders in the value chain to take hold of its existence and capture the numerous opportunities its offers.

“I am glad to see that export was already taking place, I am seeing your list of customers in Niger, Burkina, Mali, and a few other places, we are currently in the AfCFTA era and I think there is a big opportunity to build on the export market and see it goes beyond the export market that you are already serving,” he said.

Mr Tsikata who is also a seasoned lawyer stated at the launch of the Tema Lube Oil Company which is a lubricant blending plant in Ghana’s 30th anniversary, which also aims at appreciating the efforts and contribution of the founding fathers of the company toward its development.

Speaking at the launch in Tema which was monitored by the Communication for Development and Advocacy Consult (CDA Consult) in Tema, Mr. Tsikata, said since its inception in 1992 it was designed to be commercially run with equity participation from the various Oil Marketing Companies (OMCs).

Mr Tsikata urged the managers to take advantage of the AfCFTA agreement by expanding production and exposing them through the platform to lead the socio-economic transformation of the country.

“You can’t always be depending on the Bank of Ghana for foreign exchange, if you can generate your own foreign exchange by expanding your export market it becomes a big opportunity for your future growth,” he said.

He urged Tema Lube Oil Company to scale up its activities and adopt strategies and plans that would secure the future of the company.

“The question I want to leave on your minds today is how do we ensure that, in another 30 years, another generation will be here still celebrating this company and loading achievement beyond what we currently imagined,” he said.

Mr. Alex Josiah Adzew, the current Board of Chairman of Tema Lube Oil Company said the company over the years had undergone changes but had become stronger and more efficient than before.

He said the contribution of lube oil to the economy of the country could not be overemphasized and urged Ghanaians to patronize lube oil as it was of high quality.

Mr. Adzew urged the public to patronize Tema Lube Oil Company products which included engine oils, industrial oils, gear oils, hydraulic oils, other machine oils, and others to enable them to provide more of such projects to schools, hospitals, and the communities.

Mr. Amos Donkor, Managing Director of the Tema Lube Oil Company said it had continuously manufactured lubricants to feed the market through the wholesale marketing of its production to oil marketing companies and also for institutions both locally and internationally.

Source: CDA Consult