TOR clears six-year audit backlog, submits seven financial reports to SIGA

The Tema Oil Refinery (TOR) has successfully resolved its six-year backlog of audited financial statements, spanning from 2019 to 2024, according to Managing Director Edmond Kombat's announcement on October 26, 2026. The refinery finalized its outstanding accounts by April 30, 2026, followed by the submission of its 2025 accounts on May 30, 2026.

Kombat highlighted that TOR had submitted seven audited financial reports to the State Interests and Governance Authority (SIGA), thus restoring the company's financial reporting obligations. This accomplishment was reiterated during TOR's 18th Annual General Meeting on June 30, 2026. SIGA had commended TOR for completing the overdue reports, which had been absent since the 2018 filings.

The achievement marked a significant milestone for the refinery, as the lack of audited accounts had been a major governance concern when Kombat took office in May 2025. Kombat emphasized that the company's financial reporting failures had persisted for several years, necessitating a thorough review of the unaudited accounts to gain a clearer understanding of the refinery's financial status.

TOR also held its first Annual General Meeting in over a decade to deliberate on the outstanding financial statements from 2017 to 2025, aiming to ensure compliance with statutory requirements and foster reliable financial information for decision-making. The financial reforms were pursued concurrently with efforts to reduce liabilities, recover receivables, and enhance the refinery's commercial performance.

In 2025, TOR recorded a profit before tax of GH¢1.24 billion, marking its first return to profitability in a decade, as confirmed by SIGA. Kombat expressed the refinery's commitment to further fortifying its financial management systems as it continues its recovery program.