IMF Visits TOR as Edmond Kombat Reveals US$517 Million Debt and Plans to Restore Refinery

According to a report by JoyNews on Sunday, October 25, 2026, a delegation from the International Monetary Fund (IMF) has visited the Tema Oil Refinery (TOR) in Ghana to assess ongoing rehabilitation works and evaluate measures being implemented to restore the facility’s operational efficiency and financial stability.

The delegation was led by the IMF’s Ghana Resident Representative, Dr. Adrian Alter, while TOR Managing Director Edmond Kombat headed the refinery’s management team during the engagement.

During the meeting, Kombat outlined several initiatives introduced since May 2025 to improve operational performance, rehabilitate essential infrastructure and strengthen the refinery’s financial position. He explained that management had been relying on internally generated funds to sustain operations, noting that the refinery had not received government funding since the current administration took charge of its management.

Kombat also disclosed that TOR inherited debts estimated at approximately US$517 million, including about US$120 million owed to the government. He said management was engaging the government to explore options for restructuring the debt and addressing outstanding financial obligations.

Despite the financial challenges, the managing director revealed that the refinery recorded a profit in the previous year. He expressed confidence that the facility could maintain profitability in the coming years if its recovery efforts continued.

As part of its strategy to attract investment and secure additional capital, TOR is also considering listing on the Ghana Stock Exchange. The proposed move could provide opportunities to raise funds for operational improvements, infrastructure development and future expansion.

On crude oil processing, Kombat stated that the refinery had processed approximately five million barrels, including two million barrels sourced from Ghanaian oil fields. He also expressed hope that the Ghana National Petroleum Corporation (GNPC) would provide TOR with its full crude oil allocation next year.

Kombat emphasised that restoring local refining capacity could strengthen Ghana’s energy security, improve petroleum product availability and reduce the country’s vulnerability to disruptions in international oil markets.

He further noted that TOR has storage capacity of approximately one million metric tonnes and connections to eight privately operated depots, offering additional commercial opportunities.

The discussions also addressed corporate governance, financial accountability and efforts to clear a six-year backlog of unaudited accounts. Following the meeting, the IMF delegation toured sections of the refinery to inspect rehabilitated facilities and ongoing engineering works.

The visit allowed TOR management to present its recovery strategy and highlight progress towards achieving sustainable operations and long-term financial stability.

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