TOR eyes stock market listing as it tackles $517m debt

Tema Oil Refinery (TOR) is exploring the possibility of listing its shares on the Ghana Stock Exchange, as it seeks additional funding to tackle a $517 million debt load. Managing Director Edmond Kombat made this announcement following a visit by an International Monetary Fund (IMF) delegation, headed by the Fund’s Ghana Resident Representative, Dr Adrian Alter.

The delegation's visit aimed to evaluate rehabilitation efforts and gauge the refinery's progress in restoring operational stability and financial health. The IMF mission was part of broader consultations with government officials and state-owned enterprises.

Kombat revealed that a potential stock market listing would enable Ghanaian and other investors to acquire shares in TOR, thereby injecting much-needed capital into the company's operations and expansion plans. Speaking to the IMF delegation, Kombat highlighted that since his appointment in May 2025, the management has relied solely on internally generated funds to sustain TOR's activities.

"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 asserted.

Kombat emphasized the management's focus on financial prudence, operational enhancements, and the rehabilitation of essential facilities as key priorities.