Tema:The Tema Oil Refinery (TOR) recently briefed a delegation from the International Monetary Fund (IMF) regarding its efforts toward operational recovery, management of inherited debt, and plans for financial sustainability. The briefing aimed to provide insights into the refinery's strategies to restore sustained operations and strengthen its financial position.
According to Ghana News Agency, the IMF delegation, led by Dr. Adrian Alter, the IMF Ghana Resident Representative, visited the refinery to gain familiarity with ongoing rehabilitation works. Mr. Edmond Kombat, Managing Director of TOR, highlighted that the new management team, which took office in May 2025, has been reliant on internally generated funds to sustain operations and rehabilitate critical facilities, without any financial assistance from the government.
Mr. Kombat disclosed that TOR inherited a debt burden of approximately US$517 million, including US$120 million owed to the government. Efforts are underway to engage with the government on potential debt restructuring and to reconcile historical financial obligations between the refinery and the state. Additionally, TOR is discussing outstanding obligations with other state institutions and exploring netting-off arrangements to determine the actual financial positions involved.
On the refinery's financial performance, Mr. Kombat noted that TOR recorded a profit in the previous year and expressed optimism about maintaining profitability in the future. The management is also considering a potential listing of TOR on the Ghana Stock Exchange to attract investment and raise capital for recovery and expansion. The refinery has processed about five million barrels of crude oil, with a significant portion sourced from Ghanaian oil fields.
Mr. Kombat emphasized the importance of domestic refining in improving petroleum product availability and reducing vulnerability to international market disruptions. He also highlighted the commercial potential of TOR's storage infrastructure and distribution network, which includes a connection to eight privately operated depots for pumping petroleum products directly.
The discussions with the IMF delegation covered corporate governance, financial accountability, and efforts to address a six-year backlog of unaudited accounts. The Ghana Audit Service has conducted audit exercises, and plans are in place to appoint an external audit firm for subsequent audits. The IMF delegation's visit was part of broader engagements with government authorities and selected state-owned enterprises to understand their operations and financial challenges.