{
  "id": 9154449,
  "title": "Finance Ministry to write off $120m of TOR’s $400m legacy debt – MD reveals",
  "url": "https://urgent.news/2026/09/22/finance-ministry-to-write-off-120m-of-tors-400m-legacy-debt-md-reveals",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-22T15:05:30.000Z",
  "source": {
    "name": "MyJoyOnline Ghana",
    "slug": "myjoyonline-ghana",
    "url": "https://www.myjoyonline.com/finance-ministry-to-write-off-120m-of-tors-400m-legacy-debt-md-reveals/"
  },
  "original_language": "en",
  "account": "The Finance Ministry plans to write off approximately $120 million of Tema Oil Refinery's (TOR) $400 million legacy debt, according to Managing Director Edmond Kombat. This move aims to alleviate the financial strain on the state-owned refinery, which currently owes about $400 million. Kombat revealed that TOR underwent an initial debt restructuring exercise, which reduced its historical liabilities to around $400 million. The Ministry of Finance has now indicated its intention to write off a portion of the debt owed to the government. The write-off, part of this year's budget, is estimated to be $120 million. If implemented, this development would further decrease the refinery's overall debt burden. TOR's outstanding legacy debt consists of five major obligations owed to various creditors, including private companies Sahara and BP, as well as state institutions such as the Ghana National Petroleum Corporation (GNPC) and the Volta River Authority (VRA). Negotiations with private creditors might be more challenging, but management is exploring the possibility of securing discounts on the owed amounts. While the proposed debt relief could offer financial breathing space for TOR, management must still prove that the refinery can sustain profitable operations and fulfill its financial commitments moving forward.",
  "summary": "The Ministry of Finance is set to write off about $120 million of the Tema Oil Refinery’s (TOR) legacy debt as part of efforts to further ease the financial burden on the state-owned refinery.",
  "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."
}