IMF delegation assesses TOR’s rehabilitation and financial recovery efforts

The Tema Oil Refinery (TOR) has outlined its efforts to restore operational efficiency and financial stability to a delegation from the International Monetary Fund (IMF) during a visit to the facility.

The delegation, led by the IMF’s Ghana Resident Representative, Dr Adrian Alter, was received by TOR Managing Director Edmond Kombat, who briefed the team on rehabilitation works, financial challenges and measures introduced since May 2025 to revive the refinery.

Mr Kombat said management had relied on internally generated funds to sustain operations without government financial support.

“Since this new management took over, we have not received a dime from government. Every single thing is done through our internally generated funds,” he said.

He disclosed that TOR inherited debts of approximately $517 million, including about $120 million owed to the government. Management is engaging the state to restructure the debt and reconcile outstanding obligations with other public institutions.

Despite the financial challenges, Mr Kombat said the refinery recorded a profit last year and expressed optimism about maintaining profitability. He also revealed that management was considering a potential listing on the Ghana Stock Exchange to attract investment and raise capital.

On crude oil supplies, he said TOR had processed about five million barrels, including two million barrels sourced from Ghanaian oil fields. The refinery’s initial domestic supply came from the Jubilee field through Vitol, while the Ghana National Petroleum Corporation (GNPC) also supplied its share of the country’s crude allocation.

Mr Kombat expressed hope that GNPC would make its full allocation available to TOR next year to improve feedstock supply and support more consistent operations.

He said the refinery’s resumption could strengthen domestic petroleum product availability, help cushion Ghana against disruptions in international oil markets and contribute to energy security.

The managing director also highlighted TOR’s commercial assets, including its storage facilities, estimated at one million metric tonnes, and connections to eight privately operated depots. These, he said, offer additional revenue opportunities.

The IMF delegation was briefed on efforts to clear a six-year backlog of unaudited accounts, improve internal controls and financial reporting, and rehabilitate critical processing units. Management also plans to appoint an external audit firm to handle subsequent audits.

The team later toured parts of the refinery to inspect rehabilitated facilities and ongoing engineering works.

The visit formed part of the IMF delegation’s engagements with selected state-owned enterprises and government institutions to understand their operations, financial positions and contribution to Ghana’s economy.