TOR MD Edmond Kombat Reveals ₵10 Billion Losses and $517 Million Debt Inherited in May 2025

Edmond Kombat, the Managing Director of the Tema Oil Refinery (TOR), has disclosed that when the new management took control of the refinery in May 2025, it inherited ₵10 billion in accumulated losses and $517 million in debt. His comments, reported by Starr FM, shed light on the severe financial challenges facing the state-owned refinery.

According to Kombat, the scale of the losses and debt inherited by the new management underscores the depth of TOR’s financial difficulties. The accumulated losses of ₵10 billion and the $517 million debt represent a significant burden that the current leadership must contend with as it works to stabilise and revive the refinery.

The disclosure provides context for the operational and financial decisions being taken by the new management. Kombat’s remarks suggest that turning around TOR will require substantial effort, including debt management, operational efficiency improvements, and measures to restore the refinery’s profitability and competitiveness.

The financial situation at TOR has implications for Ghana’s petroleum downstream sector and for the broader economy, given the refinery’s strategic role in fuel supply and processing. Addressing the inherited liabilities will be central to any credible turnaround plan and to restoring stakeholder confidence in the refinery’s future.

As the new management continues its work, Kombat’s disclosure sets a baseline against which progress can be measured. The focus will be on whether the leadership can navigate the difficult financial terrain, reduce the debt burden, and put TOR on a path towards financial sustainability and operational relevance in the years ahead.

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