TOR seeks private investors to shield refinery from political interference

The Tema Oil Refinery (TOR) is working to attract private-sector investors as part of efforts to strengthen its governance structure and protect the state-owned facility from political interference.

Managing Director of TOR, Edmond Kombat , says opening up the refinery to private participation through a planned stock exchange listing will help secure its future and ensure continuity in its operations.

Speaking on the second day of the Ghana Economic Forum organised by the Business & Financial Times (B&FT), he said the refinery is targeting a listing on the Ghana Stock Exchange in 2028.

He explained that the involvement of private investors, including pension funds, could bring independent directors onto the board and strengthen corporate oversight.

“If it is listed with some level of private participation, whether it’s private pension funds or any other, that brings independent directors on the board. It will be more secured and more sustainable,” he said.

Mr Kombat believes the arrangement would make it more difficult for future political administrations to allow the refinery to collapse again.

He also said the refinery’s workers and unions remain vigilant about its operations, adding that listing on the stock exchange is the best option for ensuring its long-term sustainability.

“The best sustainability is to get it listed on the stock exchange,” he stressed.