₵10 Billion in Losses: TOR Boss Drops Bombshell on Massive Debt Inherited by New Management

The Managing Director of Tema Oil Refinery (TOR), Edmond Kombat, has disclosed that the refinery inherited accumulated losses of approximately ₵10 billion and debt amounting to $517 million when the current management assumed control in May 2025.

Kombat’s revelation highlights the financial challenges confronting the state owned refinery as management works to address its outstanding obligations and improve the institution’s operational and financial position.

According to him, the figures inherited by the new administration reflected the scale of the difficulties facing TOR at the time of the management transition.

“When we took control of TOR in May 2025, we inherited ₵10 billion in accumulated losses and $517 million in debt,” Kombat stated.

The disclosure offers an insight into the financial situation the management says it encountered upon assuming responsibility for the refinery. It also raises questions about the measures being pursued to address the accumulated losses, manage existing liabilities and restore the facility’s long-term sustainability.

TOR remains an important part of Ghana’s petroleum industry, with the refinery expected to contribute to domestic petroleum processing and the broader energy value chain. However, its ability to fulfil that role depends partly on its operational capacity, access to working capital and the management of its financial obligations.

The accumulated losses and outstanding debt cited by Kombat present significant issues for an institution seeking to improve its performance. Addressing such challenges generally requires a combination of financial discipline, operational efficiency, investment in infrastructure and a clear strategy for managing creditors.

For TOR, the task extends beyond reporting the scale of inherited liabilities. Management must also demonstrate how it intends to reduce the financial burden, improve operational performance and establish a more sustainable business model.

The disclosure could also renew public interest in the refinery’s financial history and the factors that contributed to the losses and debt. Greater transparency about the origin of the obligations, the creditors involved and the steps being taken to address them would help the public better understand the institution’s position.

Nevertheless, the figures presented by Kombat describe the financial burden he says the management inherited in May 2025. A complete assessment of TOR’s current financial health would require updated accounts showing its subsequent performance, outstanding liabilities, revenue and expenditure.

The refinery’s recovery will ultimately depend on whether management can translate its plans into measurable improvements in operations and finances.

Kombat’s statement has placed the scale of TOR’s inherited financial difficulties firmly in the spotlight. The challenge now is how the refinery can move from a position burdened by accumulated losses and substantial debt towards greater stability and sustainable operations.

For a facility with strategic importance to Ghana’s petroleum sector, the outcome will be significant not only for TOR itself but also for wider discussions about the management and future of state-owned industrial enterprises.

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