On Tuesday, a delegation from the International Monetary Fund (IMF) toured the Tema Oil Refinery (TOR) to observe its operations and evaluate the progress of rehabilitation work aimed at restoring the facility to sustainable financial and operational stability.
The visit, led by the IMF’s Ghana Resident Representative, Dr. Adrian Alter, was part of a broader engagement with government authorities and state‑owned enterprises to understand their economic contributions and challenges.
TOR’s Managing Director, Mr. Edmond Kombat, explained that the refinery has been operating on internally generated funds since taking over in May 2025, with no government cash injections. He highlighted measures taken to improve financial discipline, operational efficiency and the rehabilitation of critical processing units.
Mr. Kombat disclosed that TOR inherited a debt of about US$517 million, including roughly US$120 million owed to the government. The refinery is negotiating restructuring and netting‑off arrangements with state institutions to clarify its financial position.
Financially, TOR posted a profit last year and anticipates continued profitability thanks to macroeconomic stability and operational improvements. Management is also exploring a potential listing on the Ghana Stock Exchange to attract investment and bolster capital for expansion.
The delegation queried the refinery’s crude oil throughput. TOR processed roughly five million barrels last year, with about two million barrels sourced from Ghanaian fields, including the first domestic supply from the Jubilee field via Vitol and contributions from the Ghana National Petroleum Corporation (GNPC).
Mr. Kombat stressed TOR’s role in ensuring domestic petroleum product availability, price stability and resilience against global market shocks, noting the refinery’s storage capacity of one million metric tonnes and its network of eight private depots.
Future discussions will focus on debt restructuring, commercial opportunities, and the refinery’s impact on the national economy and consumers.
