The Tema Oil Refinery (TOR) recorded a profit before tax of GH¢1.24 billion in 2025, marking what management describes as the company’s first return to profitability in ten years.
Managing Director Edmond Kombat announced the financial performance at the Government Accountability Series in Accra on Monday, October 26, 2026, attributing the improvement to financial restructuring, stronger internal controls and measures introduced under the company’s recovery programme.
He disclosed that TOR’s trade and other payables declined from GH¢7.1 billion to GH¢5 billion within one year, representing a reduction of approximately GH¢2.1 billion.
The financial turnaround forms part of Project Restore TOR, an initiative introduced by management to improve the refinery’s financial position, recover outstanding receivables and restore commercial discipline.
According to Mr. Kombat, the programme included an independent assessment of the company’s liabilities and engagements with major creditors, including the Ghana Revenue Authority and the Social Security and National Insurance Trust, to establish sustainable repayment arrangements.
A significant component of the reforms involved addressing the company’s outstanding financial reporting obligations.
He revealed that audited financial statements covering 2019 to 2024 were completed by April 30, 2026, while the 2025 accounts were finalised on May 30.
The seven audited financial reports were subsequently submitted to the State Interests and Governance Authority (SIGA).
Mr. Kombat said the refinery held its 18th Annual General Meeting on June 30, 2026, as part of efforts to address its financial reporting backlog and strengthen transparency and accountability.
The Managing Director maintained that restoring financial discipline and meeting statutory reporting requirements would be essential to sustaining TOR’s recovery and rebuilding confidence among creditors, investors and other stakeholders.
