IMF delegation assesses TOR’s rehabilitation and financial recovery efforts

An International Monetary Fund (IMF) delegation visited the Tema Oil Refinery (TOR) to evaluate the refinery's operations and assess rehabilitation efforts aimed at restoring financial stability. The delegation, led by IMF Resident Representative Dr. Adrian Alter, was accompanied by TOR's Managing Director, Mr. Edmond Kombat. During their visit, Mr. Kombat detailed the refinery's current financial and operational challenges, which have been managed through internally generated funds since the new management took over in May 2025.

He emphasized that the refinery has not received any government funding since the change in management and all operations are self-sustained. Kombat outlined management's focus on financial discipline, operational improvements, and rehabilitating critical facilities to reposition the refinery for long-term sustainability. The delegation also learned that TOR has inherited a debt burden of approximately US$517 million, with about US$120 million owed to the government.

The refinery is actively engaged with the government to explore debt restructuring and reconciliation of historical financial commitments. Mr. Kombat disclosed that the refinery had recorded a profit in the previous year and expressed optimism about maintaining profitability in the near future, attributing this to improved macroeconomic stability and ongoing efforts to strengthen the refinery's position.

As part of a long-term strategy, management is considering listing TOR on the Ghana Stock Exchange to attract investment and provide additional capital for operations and expansion. The IMF delegation also inquired about the volume of crude oil processed by TOR, with Kombat revealing that the refinery processed about five million barrels of crude oil, including approximately two million barrels sourced from Ghanaian fields.