Tighter financial controls boost TOR’s performance — MD

The Managing Director of Tema Oil Refinery (TOR) says macroeconomic stability and prudent financial management have helped improve the company’s financial performance as it works to rebuild its operations.

According to the Managing Director, stronger financial controls, the recovery of outstanding debts and efforts to address delayed financial reporting had supported the refinery’s recovery.

“Macroeconomic stability, prudent financial management contributed to this result,” he said.

TOR’s MD conceded that the company’s liabilities still exceed the value of its assets, despite the improvement. Even though the liabilities still exceed the company’s asset value, the negative equity actually declined to about GH¢5 billion in 2025 and the financial controls are helping to further reduce the negative equity.

He noted that, management had also worked to clear a backlog of financial statements covering several years to strengthen accountability and meet reporting requirements.

Beyond its finances, the refinery had made progress in restoring operations, increasing storage activity and rebuilding confidence among customers and suppliers.

He reported that TOR had received about five million barrels of crude oil, including Ghana’s indigenous Jubilee crude. He said processing locally produced crude helps to support efforts to strengthen the link between Ghana’s oil production and domestic refining as well as cushion Ghana against external shocks.

The Managing Director attributed the resumption of operations partly to cooperation among institutions across the energy sector. These include the National Petroleum Authority, the Ghana National Petroleum Corporation and the Bulk Oil Storage and Transportation Company, acknowledging that their technical, commercial and logistical support helped bring the refinery back into operation.

On safety, he said the National Petroleum Authority inspected the plant before clearing it to resume refining. Management also renewed the permits and licences required for operations. According to him, no fatalities were recorded during the maintenance and restart exercise.

He added that management improved the refinery’s quality control laboratory, recovered outstanding receivables and increased staff salaries by 13% this year.

The refinery’s recovery had also provided employment for engineers, temporary maintenance workers and people engaged by contractors, he said.

The Managing Director said the next priority was to sustain the gains and strengthen TOR’s ability to compete with other refineries in the sub-region.

“We remain committed to consolidating this next step,” he said, outlining management’s ambition to make TOR commercially viable and competitive.

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