The Tema Oil Refinery (TOR) has recorded its first profit in a decade, posting a profit before tax of GH¢1.24 billion in 2025, Managing Director Edmond Kombat has announced.
Speaking at the Government Accountability Series at Jubilee House on Monday, October 26, 2026, Mr Kombat attributed the turnaround to prudent management, improved commercial operations and measures to strengthen the refinery’s financial position.
He said the company had made progress in reducing its liabilities, with trade and other payables falling from GH¢7.1 billion to GH¢5 billion within a year. Its receivables days also 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.
Mr Kombat said commercial operations generated more than 36 per cent revenue growth in 2025 compared with 2024, while revenue had increased by almost 60 per cent as of September 2026.
Management has also recovered outstanding receivables, strengthened financial controls and continued upgrading the refinery’s Quality Control Laboratory.
The progress follows years of financial difficulties. By May 2025, TOR had accumulated losses of about GH¢10 billion and debt estimated at US$517 million.
Mr Kombat said management was 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 it into equity.
Management, he said, remained focused on sustaining the gains and improving the refinery’s performance in 2026. “The team is focused to deliver even better results for 2026,” he said.
