The Tema Oil Refinery (TOR) has recorded a profit before tax of GH¢1.24 billion in 2025, its first return to profitability in a decade, as management steps up efforts to restore the refinery’s operations and improve its financial position.
The Managing Director of TOR, Edmond Kombat, disclosed this at the Government Accountability Series at the Presidency on Monday, October 26, 2026, where he outlined the refinery’s recovery since the current management took office in May 2025.
He said the refinery’s trade and other payables fell from GH¢7.1 billion to GH¢5 billion within a year, while receivable days reduced from 1,099 to 652.
According to Mr Kombat, “TOR recorded a profit before tax of GH¢1.24 billion in 2025, its first return to profit in a decade according to SIGA.”
He said TOR had also cleared its backlog of audited financial statements for 2019 to 2024 by April 30, 2026, and completed the 2025 accounts on May 30, 2026.
The seven audited financial reports were submitted to the State Interests and Governance Authority (SIGA) and presented at TOR’s 18th Annual General Meeting on June 30, 2026.
On the resumption of operations, Mr Kombat said, “Crude processing started on December 19, 2025, with all product streams going to storage for the first time in years.”
He said the refinery had received crude cargoes including Bonga, Baleine, Bonnie Light and Ghana’s Jubilee Medium Sweet crude. TOR also received 950,000 barrels of Sankofa crude from the Ghana National Petroleum Corporation (GNPC) on September 25, 2026.
On revenue performance, he stated that “Commercial operations generated more than 36% in revenue in 2025 compared to 2024 and almost 60% revenue growth as at September 2026 this year.”
Mr Kombat also highlighted the impact of the refinery’s recovery on employment, saying, “TOR’s recovery has created 1,657 permanent and temporary jobs.”
He explained that the figure included 415 young engineers recruited into permanent positions, 301 temporary workers engaged for CDU maintenance, 287 for RFCC maintenance, and 654 workers employed by 35 local contractors.
The Managing Director said the refinery was working to increase its current throughput of about 28,000 barrels per stream day to between 45,000 and 55,000 barrels per day.
He added that the government was targeting to meet about 70 per cent of national fuel demand through local refining by 2028.
Mr Kombat acknowledged that further work remained, stating, “We do not claim the work is finished.” He said management remained focused on addressing TOR’s legacy obligations and sustaining the progress made so far.
