At a Government Accountability Series event at Jubilee House on Monday, October 26, 2026, Tema Oil Refinery Managing Director Edmond Kombat announced that the refinery had earned a pre‑tax profit of GH¢1.24 billion in 2025, its first profit in ten years.
Mr Kombat said the improvement stemmed from prudent management, strengthened commercial operations and measures introduced to shore up the refinery’s finances after years of losses and mounting liabilities. He highlighted that trade and other payables fell from GH¢7.1 billion to GH¢5 billion in a single year, while receivable days dropped from 1,099 to 652.
The refinery’s commercial operations grew more than 36 % in 2025 compared with 2024, and revenue had risen by almost 60 % as of September 2026. Management also recovered outstanding receivables, tightened financial controls and upgraded the refinery’s Quality Control Laboratory.
In May 2025, TOR had accumulated losses of about GH¢10 billion and debt estimated at US$517 million. Mr Kombat said the company is pursuing a financial restructuring programme, including independent liability assessments and talks with the Ghana Revenue Authority, SSNIT and other creditors to set sustainable repayment plans. The Ministry of Finance is also working with TOR to consider writing off US$120 million in legacy debt or converting it into equity.
Mr Kombat added that the team remains focused on sustaining the gains and improving performance in 2026, promising even better results.
