A delegation from the International Monetary Fund (IMF) has visited the Tema Oil Refinery (TOR) to assess ongoing rehabilitation works and examine management’s efforts to restore the refinery’s operational and financial stability.
The visit provided an opportunity for the IMF team to understand the refinery’s current operations, inherited debts, funding arrangements and plans to attract investment to support its recovery.
The delegation was led by the IMF’s Ghana Resident Representative, Dr Adrian Alter, while TOR’s Managing Director, Edmond Kombat, Esq., led the refinery’s team.
During discussions, Mr Kombat outlined the challenges inherited by the current management and the measures introduced since May 2025 to improve operations, rehabilitate critical facilities and restore confidence in the refinery.
He said management had relied entirely on internally generated funds to sustain operations since taking office, without receiving financial support from the government.
“Since this new management took over, we have not received a dime from government. Every single thing is done through our internally generated funds,” he said.
Mr Kombat also disclosed that TOR inherited a debt burden of approximately US$517 million, including about US$120 million owed to the government. He said discussions were ongoing to restructure the refinery’s obligations and reconcile outstanding financial commitments between the two parties.
Management is also engaging other state institutions over outstanding obligations, with possible netting-off arrangements being explored to establish the actual financial positions of the respective institutions.
On performance, Mr Kombat said TOR recorded a profit in the previous year and expressed optimism that the refinery could sustain profitability in the current year and beyond. He attributed the positive outlook partly to improved macroeconomic conditions and efforts to strengthen the company’s financial and operational position.
As part of its longer-term recovery strategy, management is considering a possible listing on the Ghana Stock Exchange to attract investment and raise additional capital. Such a move could allow Ghanaian institutions and other investors to acquire shares in the refinery and provide funding for its operations and expansion.
The IMF delegation also sought information on the volume of crude oil processed by TOR, including supplies sourced from Ghana’s oil fields.
Mr Kombat said the refinery had processed approximately five million barrels of crude oil, of which about two million barrels came from domestic fields, with the remainder sourced externally.
He explained that TOR’s first domestic crude supply came from the Jubilee field through a transaction with Vitol, which was fully paid for. He also acknowledged the Ghana National Petroleum Corporation’s (GNPC) contribution through the supply of its share of Ghana’s crude allocation to the refinery.
The delegation was further briefed on ongoing efforts to increase processing capacity, rehabilitate critical units and restore facilities required for more reliable operations.
These interventions are intended to strengthen TOR’s financial sustainability, improve operational efficiency and reinforce its contribution to Ghana’s energy security.
Following the meeting, the IMF team toured parts of the refinery to inspect rehabilitated facilities and ongoing engineering works. The tour offered the delegation first-hand insight into the progress made under the current management and the work still required to restore the facility fully.
The delegation expressed appreciation for the engagement and the opportunity to gain a better understanding of TOR’s operations and recovery plans.
TOR, Ghana’s principal oil refinery, continues to pursue measures to restore its processing capacity, address its financial challenges and strengthen its role in the country’s petroleum value chain.
