An International Monetary Fund (IMF) delegation has visited the Tema Oil Refinery (TOR) to assess its operations and ongoing rehabilitation works.
The visit formed part of the Fund’s engagements with government agencies and selected state-owned enterprises to understand their operations, financial health and contribution to the economy.
The IMF team was led by its Resident Representative in Ghana, Dr. Adrian Alter. The TOR team was led by Managing Director, Mr. Edmond Kombat.
Mr. Kombat said the current management inherited serious operational and financial challenges but has relied solely on internally generated funds since taking over in May 2025.
“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 said management has focused on financial discipline and rehabilitation of critical plants to reposition the refinery for sustainability.
On debt, Mr. Kombat disclosed that TOR inherited about US$517 million, including US$120 million owed to government, and is in talks with government for restructuring.
“Out of the US$517 million debt we inherited, we owe about US$120 million to government. We are trying to restructure our debt with government,” he explained.
He added that TOR is also engaging other state institutions to reconcile outstanding obligations through possible netting-off arrangements.
Mr. Kombat said TOR made a profit last year and is optimistic of sustaining it, citing improved macroeconomic stability.
He revealed plans to consider listing TOR on the Ghana Stock Exchange to attract investment and raise capital for operations and expansion.
On crude supply, he said TOR has processed about five million barrels so far, including two million barrels from Ghanaian fields, with the rest from external sources.
“Our first domestic crude came from the Jubilee field through Vitol, and it was fully paid for. GNPC also gave us its portion of Ghana’s allocation,” he stated.
He noted Ghana produces about 38 million barrels annually, with government’s share at 11 million barrels, and expressed hope that GNPC would make its full allocation available to TOR next year.
On impact, Mr. Kombat said TOR’s operations support product availability, price stability and reduces exposure to global supply shocks, especially amid geopolitical tensions.
He said TOR has about one million metric tonnes of storage capacity – three times that of BOST – and is connected to eight private depots, creating additional revenue streams including laboratory services.
On governance, he said the Ghana Audit Service is clearing a six-year backlog of unaudited accounts, after which an external auditor will be appointed at the next AGM.
KPMG previously handled TOR’s audits.After the meeting, the delegation toured rehabilitated facilities and ongoing works to gain first-hand insight into progress made and outstanding tasks.
