TOR Rebounds: Ghana’s Refinery Swings to GH¢1.24bn Profit After Years of Losses
Ghana’s only oil refinery, the Tema Oil Refinery (TOR), has staged a remarkable financial recovery, recording a profit before tax of GH¢1.24 billion for the 2025 financial year after years of deep losses.
The milestone was disclosed by the State Interests and Governance Authority (SIGA) in a press statement issued on Monday, June 1, 2026, commending the refinery’s board, management and staff for what it described as a “historic financial turnaround".
Beyond the profit, SIGA highlighted another major achievement: the successful submission of six years of outstanding audited financial statements covering 2019 to 2025. This development brings TOR fully up to date with its financial reporting obligations for the first time since 2018, marking a significant step in improving governance, transparency and accountability.
According to SIGA, TOR’s return to profitability was largely driven by a foreign exchange gain of GH¢1.3 billion, alongside improved earnings from associated companies, which rose to GH¢155 million.
The refinery also made notable progress in managing its liabilities. Trade and other payables dropped sharply from GH¢7.1 billion in 2024 to GH¢5 billion in 2025, while receivable days reduced from 1,099 to 652 – a sign of improved operational efficiency and cash flow management. Total debt levels also declined within the same period, although specific figures were not disclosed.
The turnaround is particularly striking given TOR’s recent history. Between 2017 and 2024, the refinery accumulated losses of approximately GH¢10 billion and owed significant sums to key state institutions, including the Ghana Revenue Authority, Social Security and National Insurance Trust, Electricity Company of Ghana and Ghana Water Limited, alongside outstanding staff benefits.
As of mid-2025, TOR’s total debt stood at about US$517 million, with liabilities exceeding assets by roughly US$435 million, underscoring the scale of the challenge the refinery has been working to overcome.
Operationally, TOR resumed crude oil refining on December 19, 2025, following maintenance works on its crude distillation unit between August and October. Upon resumption, the refinery processed about 28,000 barrels per stream day and refined approximately 600,000 barrels of crude oil within the year.
The recovery comes at a critical time for Ghana’s energy sector. Appearing before Parliament’s Energy Committee earlier in 2025, TOR Managing Director Edmond Kombat revealed that Ghana spends about US$400 million monthly on fuel imports, a figure that could be significantly reduced if the refinery operates at full capacity.
SIGA has urged TOR’s leadership to sustain the momentum by strengthening corporate governance, improving operational performance and ensuring long-term profitability while playing a key role in reducing the country’s reliance on fuel imports.
The refinery’s resurgence signals a potential turning point for one of Ghana’s most strategic state-owned enterprises, raising cautious optimism about its ability to contribute meaningfully to national energy security and economic stability.
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