The Tema Oil Refinery (TOR) recorded a profit before tax of GH¢1.24 billion in 2025, marking its first return to profitability in a decade, Managing Director Edmond Kombat has disclosed.
He attributed the financial improvement to prudent management, improved commercial operations and measures introduced to strengthen the refinery’s financial position following years of losses and mounting liabilities.
Speaking at the Government Accountability Series at Jubilee House on Monday, October 26, 2026, Mr Kombat said the refinery had made significant progress in addressing its financial challenges under the administration of President John Dramani Mahama.
He said the company’s trade and other payables declined from GH¢7.1 billion to GH¢5 billion within a year, while its receivables days dropped from 1,099 to 652.
“What matters more is that trade and other payables fell from GH¢7.1 billion to GH¢5 billion in a single year, and receivable days fell from 1,099 to 652,” he stated.
The Managing Director said the improved financial performance reflected management’s efforts to rebuild the company’s commercial operations, strengthen accountability and restore confidence among business partners.
According to him, commercial operations generated more than 36 per cent revenue growth in 2025 compared with 2024, with revenue increasing by almost 60 per cent as of September 2026.
He said management had also recovered outstanding receivables, improved financial controls and continued upgrading the refinery’s Quality Control Laboratory.
The results represent a significant shift from the financial position inherited in May 2025, when the refinery had accumulated losses of approximately GH¢10 billion and debt estimated at US$517 million.
Mr Kombat said management was also pursuing a financial restructuring programme, including independent assessments of liabilities and discussions with the Ghana Revenue Authority, SSNIT and other creditors to establish sustainable repayment arrangements.
He added that the Ministry of Finance was working with TOR to consider writing off US$120 million in legacy debt owed to the government or converting the amount into equity.
Mr Kombat said management remained focused on sustaining the financial gains and improving performance in 2026.
“The team is focused to deliver even better results for 2026,” he said.