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02.12.2002 General News

TOR Pays 500 billion in Tax Annually

By Ghanaian Voice
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Investigations have established that in spite of the indebtedness of the Tema Oil Refinery (TOR), it pays ¢500billion every month into government chest as taxes and also pays some dividends to government. This means that, it is not only the fact that TOR is unable to make full recovery cost from the product it puts on the market, but that the dividends and taxes paid to the government, while at the same time servicing its indebtedness to the GCB has affected the financial base of TOR. At the time the NPP took over the reigns of Government the debts of the refinery stood at ¢1trillion, but the debts according to the Governor of the Bank of Ghana, now stands at ¢3.4 trillion and adds that Ghanaians are entitled to know the true state of affairs.

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