Shareholders of Ghana Commercial Bank Limited (GCB) last Friday, March 26, 2010, appealed to the Board of the Bank to ensure that in doing business with TOR all monies owed the Bank are paid back on time.
They were concerned about the level of indebtedness of TOR to GCB and how it had affected the profit of the Bank in the reporting year, 2009.
Nii Ayi Okine, a shareholder, impressed on the Board of the Bank to turn TOR into a bonded warehouse so GCB will collect all revenue from oil anytime the Bank financed the importation of crude oil for the Refinery.
In a quick response, the Chairman of the Board, Mr Pryce Kojo Thompson, said "we intend turning GCB into garrison so that the ''soldiers' will instantaneously demand payment for GCB.
The Board Chairman gave the assurance that the Bank would not accumulate such huge debts that will impact negatively on the liquidity of the Bank.
Answering questions on whether the Bank was involved in mobilizing funds for the part payment of GH¢445 million made by government, the Chairman said no.
He said the Board and Management of the Bank persistently put pressure on the government for the payment of debts owed by TOR to the Bank.
The Board Chairman, the Managing Director, Mr Simon Dornoo, Deputy Managing Director (Operations) and Mr Lovelace Prempeh, Board member took their time to explain issues to the shareholders.