IMF delegation visits TOR to assess recovery efforts

A delegation from the International Monetary Fund (IMF) has visited the Tema Oil Refinery (TOR) to assess its rehabilitation progress and efforts to achieve long-term operational and financial stability.

The team, led by the IMF’s Ghana Resident Representative, Dr Adrian Alter, was received by TOR Managing Director Edmond Kombat, who outlined measures introduced since May 2025 to improve operations and strengthen the refinery’s finances.

Mr Kombat said the refinery had relied on internally generated funds to sustain its operations since the current management took office.

He disclosed that TOR inherited debts of about US$517 million, including approximately US$120 million owed to the government, adding that management was pursuing debt restructuring and discussions with other state institutions to reconcile outstanding obligations.

He also revealed that the refinery recorded a profit in the previous year and was considering a potential listing on the Ghana Stock Exchange to attract investment and raise capital for expansion.

On crude oil supplies, Mr Kombat said TOR had processed about five million barrels, including two million barrels sourced from Ghanaian oil fields. He expressed hope that the Ghana National Petroleum Corporation would make its full crude allocation available to the refinery to support more consistent operations.

He said resuming domestic refining could strengthen fuel availability, reduce exposure to international supply disruptions and create additional revenue through TOR’s storage facilities, distribution network and laboratory services.

The discussions also covered rehabilitation works, corporate governance, internal controls and efforts to clear a six-year backlog of unaudited accounts.

Following the meeting, the IMF delegation toured parts of the refinery to inspect rehabilitated facilities and ongoing engineering works.

The visit formed part of the Fund’s engagements with selected state-owned enterprises to understand their financial positions, operational challenges and contributions to Ghana’s economy.