Tema Oil Refinery (TOR) Ltd has recorded four major achievements in less than two weeks, signalling a turnaround for the state-owned refinery under its new leadership and board.
The run of milestones began on May 27, 2026, when TOR announced it had received a parcel of crude oil for processing. The refinery has not refined crude since 2018, and the announcement was welcomed by many Ghanaians calling for TOR to resume operations.
Days later, President John Mahama announced that the government had concluded arrangements to supply TOR with crude oil from Ghana’s oil fields. The move addresses long-standing questions about whether TOR can refine Ghana’s crude and why the refinery lacked feedstock despite local production.
TOR Managing Director Edmond Kombat Esq. was also named recipient of the Outstanding Public Leadership Excellence in the Public Sector Award at the 10th CEO’s Summit Awards 2026, cited for leadership in steering the refinery toward recovery.
The State Interests and Governance Authority (SIGA) then announced that TOR posted a GH¢1.24 billion profit before tax in 2025, based on audited accounts.
SIGA said it is one of the refinery’s strongest financial results in recent years, and the first time in over a decade it has posted such a figure. SIGA also confirmed that TOR cleared a backlog of unaudited accounts dating back to 2019.
TOR’s management and board, chaired by Bilijo Nayon, were commended for the results.
The company indicated more updates would follow.
Source: Godwin Mahama Ayaba, Corporate Affairs Officer – External Affairs, Tema Oil Refinery
