Accra, Ghana//-The Managing Director of Tema Oil Refinery (TOR), Edmond Kombat, today disclosed that the refinery rebounded with a profit before tax of GH¢1.24 billion in 2025, marking its first return to profitability in a decade.
Trade and other payables dropped significantly from GH¢7.1 billion to GH¢5 billion in a single year, he told journalists at the Government Accountability Series held at the Jubilee House today.
The state-owned crude oil refinery, according to him, recorded a significant improvement in product storage volumes, increasing from 426,954 metric tonnes in 2024 to 1,107,389 metric tonnes in 2025.
This represents an impressive 159.37% year-on-year growth, he added.
“In 2026, storage volumes expanded further to 1,350,000 metric tonnes, marking an additional 21.91% increase over 2025.
Overall, this reflects a 216.19% total increase between 2024 and 2026, demonstrating substantial growth in TOR’s storage operations and its vital role in Ghana’s petroleum supply chain”.
On clearance of TOR’s corporate governance backlog, Mr Kombat noted that audited accounts from 2019 to 2024 were completed by April 30, 2026, followed by the 2025 financial statements on May 30, 2026. This enabled TOR to submit seven audited financial reports to the State Interests and Governance Authority (SIGA).
The refinery subsequently presented these reports at its 18th Annual General Meeting (AGM) on June 30, 2026. This marked TOR’s first AGM in years, addressing a nine-year financial statement backlog covering 2017 through 2025 to enforce statutory compliance, transparency, and fiscal accountability.
Touching on refining crude oil locally, he explained that it reduces the volumes of finished petroleum products the country must import, while careful scheduling of crude deliveries helps keep the refinery’s tanks stocked.
On August 1, 2026, H.E. the President noted that, because of the role played by TOR, Ghanaians were largely spared the effects of the Iran conflict on fuel supply.
This is why local refining capacity matters when international supplies are disrupted. 36. Refining Ghanaian crude in Ghana keeps value onshore. It fulfils the value addition vision of His Excellency the President for Ghana.
“We are witnessing Ghanaian Crude being refined by Ghanaian Engineers in a Ghanaian refinery, effectively linking the Ghanaian Petroleum Upstream, Midstream and Downstream together.
Our Offtake partnerships, including our engagement with GOIL on 2 September 2026, were intended to increase the supply of locally refined products, improve security of supply and support greater price stability at the pump”.
But for the restoration of TOR and other domestic production with government intervention, fuel prices in the last 2 windows could have sold between Ghs22/litre and Ghs32/litre.
The revamp of TOR has guaranteed Ghana and our Sahelian Neighbors Fuel Security and Availability. TOR’s close working relationship with NPA, BOST and other Petroleum Service providers has ensured Burkina Faso’s National Oil Company has increased its petroleum products movement through Ghana from 15% in 2024 to 40% as at today.
