{
  "id": 16553893,
  "title": "TOR to be listed on Ghana Stock Exchange – MD tells visiting IMF team",
  "url": "https://urgent.news/2026/10/26/tor-to-be-listed-on-ghana-stock-exchange-md-tells-visiting-imf-team",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-26T03:37:05.000Z",
  "source": {
    "name": "The Chronicle Ghana",
    "slug": "the-chronicle-ghana",
    "url": "https://thechronicle.com.gh/tor-to-be-listed-on-ghana-stock-exchange-md-tells-visiting-imf-team/"
  },
  "original_language": "en",
  "account": "The International Monetary Fund (IMF) sent a delegation to the Tema Oil Refinery (TOR) to learn about its operations, ongoing repairs, and management's efforts to stabilize the facility financially and operationally. The IMF team was led by Dr. Adrian Alter, while the TOR team was led by Managing Director Mr. Edmond Kombat. Kombat described the financial and operational challenges inherited by the current management and the measures taken since May 2025 to restore confidence in the refinery's operations. TOR had relied on internally generated funds since taking over, as they had not received any funds from the government. Kombat explained that management prioritized financial discipline, operational improvements, and the rehabilitation of critical facilities to reposition the refinery for long-term sustainability. TOR inherited a debt burden of around US$517 million, with about US$120 million owed to the government. The refinery is in discussions with other state institutions to resolve outstanding obligations and explore netting-off arrangements to establish the actual financial position between parties. Management is considering a potential listing on the Ghana Stock Exchange to attract investment and raise additional capital for the refinery's operations and expansion. TOR processed approximately five million barrels of crude oil, including two million barrels from Ghanaian fields, during the previous year. The refinery's first domestic crude supply came from the Jubilee fields through a transaction with Vitol, and it was fully paid for. The Ghana National Petroleum Corporation (GNPC) also supplied its share of Ghana's crude allocation to the refinery. TOR's resumption of operations positively impacts the Ghanaian economy, contributing to domestic petroleum product availability, price stability, and resilience against disruptions in the international petroleum market.",
  "summary": "A delegation from the International Monetary Fund (IMF) has visited the Tema Oil Refinery (TOR) to familiarise itself with the refinery’s operations, assess ongoing rehabilitation works and gain insight into management’s efforts to restore the facility to sustained operational and financial stability. The visit formed part of the IMF team’s engagements with relevant government authorities […] The…",
  "key_points": [
    "IMF delegation visits Tema Oil Refinery to assess operations.",
    "Managing Director Edmond Kombat outlines financial challenges and restoration efforts.",
    "TOR considers listing on Ghana Stock Exchange for investment and capital."
  ],
  "editors_take": "Proposing a stock exchange listing signals a shift toward private capital dependency as the refinery seeks to overcome massive inherited debts and fund its long-term operational expansion.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}