IMF Visits TOR as Edmond Kombat Reveals US$517 Million Debt and Outlines Refinery Recovery Plans

A delegation from the International Monetary Fund (IMF) has visited the Tema Oil Refinery (TOR) to assess rehabilitation works and management’s efforts to restore the facility’s operational capacity and financial stability.

According to a report by JoyNews on Sunday, October 25, 2026, the delegation was led by the IMF’s Ghana Resident Representative, Dr Adrian Alter, while TOR Managing Director Edmond Kombat led the refinery’s management team during the engagement.

During the meeting, Kombat outlined measures introduced since May 2025 to improve operations, rehabilitate critical facilities and strengthen the refinery’s financial position.

He disclosed that TOR had inherited debts estimated at US$517 million, including approximately US$120 million owed to the government. According to him, management is engaging the government to explore debt restructuring options and address outstanding financial obligations.

Kombat also indicated that the refinery had not received government funding since the current management assumed office, explaining that it had relied on internally generated funds to support its operations.

Despite the financial challenges, he said TOR recorded a profit in the previous year and expressed optimism about sustaining profitability in the years ahead.

As part of efforts to secure additional capital, management is considering listing the refinery on the Ghana Stock Exchange. The move could provide an avenue to attract investment and support future rehabilitation and expansion projects.

On crude oil supplies, Kombat disclosed that TOR had processed approximately five million barrels of crude oil, including two million barrels sourced from Ghanaian oil fields. He also expressed hope that the Ghana National Petroleum Corporation would provide its full crude allocation to the refinery next year.

Kombat stressed that restoring local refining capacity could strengthen Ghana’s energy security, improve petroleum product availability and reduce exposure to disruptions in international oil markets.

He further highlighted TOR’s storage capacity of approximately one million metric tonnes and its connections to eight privately operated depots as potential commercial advantages.

The discussions also addressed corporate governance, financial accountability and efforts to clear a six-year backlog of unaudited accounts.

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

The visit provided an opportunity for TOR management to present its recovery strategy as it works towards improving operational efficiency and achieving long-term financial sustainability.

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