GCB has been the 45,000 barrels-per-day refinery’s main lender but cut off support in 2008 due to unpaid debts. The refinery restarted production in January after repeated shutdowns over the lack of financing and crude since 2009.

“As I stand here I can confirm that the government has paid the remaining TOR indebtedness to GCB,” Kojo Thompson told shareholders at the bank’s annual general meeting. 

Ghana’s government paid GCB 445 million cedis in March last year in an earlier debt repayment. The government was not immediately available to comment on how much debt TOR still had with other institutions and if it had been repaid.

Ghana, which has only recently joined Africa’s oil-producing nations, last year hiked the price of fuel, partly to help fund the Tema debt repayments.