IMF Delegation Visits Tema Oil Refinery to Assess Operations and Rehabilitation Progress

A delegation from the International Monetary Fund (IMF) has paid a visit to the Tema Oil Refinery (TOR) as part of efforts to familiarise itself with the refinery’s operations and evaluate the progress of ongoing rehabilitation works at the facility.

The visit formed part of the IMF’s broader engagement with key state institutions, aimed at gaining first-hand insight into how the refinery is being managed and the challenges it faces. During the tour, the delegation was taken through the refinery’s operational processes and briefed on the condition of its infrastructure.

The IMF team also used the opportunity to assess the rehabilitation works currently underway at TOR, which are intended to restore the refinery to full operational capacity. Management of the refinery provided the delegation with detailed information on the scope of the works, the progress made so far, and the timelines for completion.

In addition, the delegation was given insight into management’s efforts to improve efficiency, enhance productivity, and address the longstanding challenges that have hindered the refinery’s performance over the years. TOR management outlined its strategies for turning around the fortunes of the facility and ensuring it contributes meaningfully to the country’s petroleum refining capacity.

The visit underscores the IMF’s interest in the performance of critical state-owned enterprises and their impact on Ghana’s economy. The Fund has consistently emphasised the need for reforms in the energy sector, particularly regarding the financial viability of state institutions.

Officials of TOR expressed their readiness to cooperate with the IMF and other stakeholders, noting that the engagement provided a useful platform to showcase the progress being made and the support needed to complete the rehabilitation exercise.

The IMF delegation’s visit to TOR is expected to inform the Fund’s assessment of Ghana’s energy sector and its recommendations on how the refinery can be positioned to operate sustainably and contribute to national development. Both parties described the engagement as productive, with further collaboration anticipated as the rehabilitation works progress.

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