{
  "id": 16613439,
  "title": "Tema Oil Refinery records GH¢1.24bn profit in 2025 after decade of losses",
  "url": "https://urgent.news/2026/10/26/tema-oil-refinery-records-gh-1-24bn-profit-in-2025-after-decade-of",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-26T14:13:24.000Z",
  "source": {
    "name": "Adom Online",
    "slug": "adom-online",
    "url": "https://www.adomonline.com/tema-oil-refinery-records-gh%c2%a21-24bn-profit-in-2025-after-decade-of-losses/"
  },
  "original_language": "en",
  "account": "The Tema Oil Refinery (TOR) has achieved its first profitable year in a decade, generating a profit before tax of GH¢1.24 billion in 2025. Managing Director Edmond Kombat attributed the success to enhanced financial management, increased commercial activities, and measures aimed at tackling the refinery's historical financial challenges. Speaking at the Government Accountability Series at Jubilee House on October 26, 2026, Mr. Kombat highlighted the refinery's progress in reducing liabilities and boosting revenue generation. He noted a decline in trade and other payables from GH¢7.1 billion to GH¢5 billion within a year, and a reduction in the average collection period for outstanding payments from 1,099 days to 652 days. Kombat emphasized that the refineries' financial recovery was driven by the management's efforts to enhance accountability, improve financial controls, and rebuild trust with commercial partners. The refinery's commercial operations revenue rose by over 36% in 2025 compared to the prior year, with further growth of nearly 60% as of September 2026. Management has been actively pursuing outstanding payments and upgrading the Quality Control Laboratory to boost operational efficiency. This marks a significant turnaround for TOR, which had accumulated GH¢10 billion in losses and US$517 million in debt when the current management took over in May 2025. The refinery is implementing a financial restructuring program to manage its debt, involving assessments of liabilities and discussions with creditors, including the Ghana Revenue Authority (GRA), SSNIT, and other lenders, to establish sustainable repayment plans. The Ministry of Finance is also working with TOR to address a US$120 million government debt owed to the refinery, with options under consideration including debt forgiveness or converting the amount into government equity. Kombat expressed optimism about TOR's financial outlook, stating that the team remains committed to building on these achievements and delivering even better results in 2026.",
  "summary": "The Tema Oil Refinery (TOR) has returned to profitability for the first time in 10 years, recording a profit before tax of GH¢1.24 billion in 2025. Managing Director of TOR, Edmond Kombat, attributed the turnaround to improved financial management, stronger commercial activities and measures introduced to address the refinery’s longstanding financial difficulties. Speaking at the […]",
  "key_points": [],
  "editors_take": null,
  "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."
}