TOR eyes stock market listing as it tackles $517m debt
The Tema Oil Refinery (TOR) is considering a listing on the Ghana Stock Exchange as management seeks fresh investment while pursuing the restructuring of an inherited debt burden of approximately $517 million.
The Tema Oil Refinery (TOR) is contemplating an initial public offering (IPO) on the Ghana Stock Exchange, as its leadership seeks additional financing while addressing a substantial $517 million debt load. Managing Director Edmond Kombat disclosed this during a meeting with an International Monetary Fund (IMF) team led by Dr Adrian Alter, the Ghana Resident Representative.
The IMF delegation visited the refinery to evaluate rehabilitation projects and gauge progress in restoring consistent operations and financial health. This meeting was part of the IMF's broader discussions with government entities and selected state-owned enterprises. Kombat explained to the delegation that a potential stock market listing would enable Ghanaian investors and others to purchase shares in TOR, injecting capital for day-to-day operations and future growth.
He emphasized that since his administration assumed control in May 2025, TOR has been reliant solely on internally generated funds, with no government support. Kombat underscored the management's focus on financial prudence, operational enhancements, and the restoration of vital infrastructure.
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