ACCRA, Ghana, 26th October: The Tema Oil Refinery (TOR) has recorded a profit before tax of GH¢1.24 billion for 2025, marking its first return to profitability in a decade, according to its Managing Director, Edmond Kombat.
Mr Kombat disclosed this at the Government Accountability Series on Monday October 26th 2026, where he outlined measures taken to restore the refinery’s operations and improve its financial position.
According to him, the financial turnaround forms part of a broader recovery programme aimed at rebuilding the refinery after years of operational challenges, mounting debt and weak financial controls.
He said TOR’s financial position had deteriorated significantly before the current management took office in May 2025, with accumulated losses of about GH¢10 billion and debt rising from approximately US$300 million in 2016 to US$517 million.
The refinery had also failed to file audited financial statements for six consecutive years, from 2019 to 2024, leaving significant gaps in its financial reporting and accountability.
However, Mr Kombat said management had taken steps to address the challenges, including improving cash controls, recovering outstanding receivables, reviewing the company’s accounts and engaging creditors on sustainable repayment arrangements.
Debt obligations reduced
He revealed that TOR’s trade and other payables declined from GH¢7.1 billion to GH¢5 billion within a year.
The refinery also reduced its receivable days from 1,099 to 652, a development he attributed to efforts to improve financial management and recover outstanding payments.
Mr Kombat further disclosed that the company completed its outstanding audited financial statements for 2019 to 2024 by April 30, 2026, followed by the 2025 accounts on May 30, 2026.
The seven audited financial reports were submitted to the State Interests and Governance Authority (SIGA) and presented at TOR’s 18th Annual General Meeting on June 30, 2026.
According to him, SIGA commended the refinery for bringing its financial reporting up to date for the first time since the 2018 accounts were filed.
TOR also ranked second among public institutions in the inaugural Public Financial Management (PFM) Compliance League Table.
Revenue growth
Mr Kombat said the refinery’s commercial operations generated more than 36 per cent growth in revenue in 2025 compared with 2024, with revenue growth approaching 60 per cent as of September 2026.
He attributed the improvement to the restoration of refining operations, stronger financial controls and renewed confidence among petroleum suppliers, customers and business partners.
The refinery resumed crude processing on December 19, 2025, following turnaround maintenance of its Crude Distillation Unit (CDU), which had been out of operation since April 2021.
The maintenance exercise, which ran from August 1 to October 30, 2025, was funded from TOR’s internally generated funds and carried out by its engineers and technicians.
The National Petroleum Authority subsequently inspected the plant and cleared it to resume refining.
Recovery efforts continue
Despite the improved financial performance, Mr Kombat acknowledged that significant work remained to be done, particularly in addressing the refinery’s legacy obligations and sustaining its recovery.
He said management was developing a five-year strategic plan to guide investment decisions, business reforms and the company’s long-term growth.
The plan is expected to support efforts to make TOR commercially viable and strengthen its contribution to Ghana’s energy security and industrial development.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️) Presidential Affairs Correspondent | Ghana 🇬🇭
