On Monday, October 26, 2026, Tema Oil Refinery (TOR) Managing Director Edmond Kombat announced the refinery’s first profit in a decade, reporting a pre‑tax gain of GH¢1.24 billion for 2025. The news was shared at the Government Accountability Series, signalling a turning point for Ghana’s refining sector.
The Institute for Energy Security (IES) said TOR’s operational recovery could help stabilise fuel prices by reducing the country’s dependence on imported refined petroleum products and its exposure to global market shocks. IES Senior Research and Policy Analyst Xatse Derrick Emmanuel highlighted that sustained local refining would lower the foreign exchange spent on imports and ease pressure on the cedi.
Emmanuel explained that refining locally would limit imported inflation and improve domestic supply. He noted that without TOR, Ghana could have faced fuel shortages or higher pump prices amid global market uncertainty, such as the US‑Iran war.
He urged the government to guarantee a reliable supply of crude oil to TOR, calling on the Ministry of Energy, the Ghana National Petroleum Corporation (GNPC) and the Presidency to allocate a portion of locally produced crude to the refinery. A dependable crude supply, he said, would enable TOR to maintain operations, improve domestic availability of petroleum products and strengthen Ghana’s energy security.
With TOR back in the black, analysts predict a more stable fuel market and a potential easing of foreign exchange outflows for imported petroleum products. The government’s next steps will determine how quickly the refinery can scale up production to meet domestic demand.
