The Managing Director of Tema Oil Refinery (TOR), Edmond Kombat, has announced that the refinery has returned to profitability after ten years.
Speaking at the Government Accountability Series today, Mr. Kombat said the refinery recorded a profit before tax of GH¢1.24 billion in 2025, its first return to profit in a decade.
He disclosed that trade and other payables fell from GH¢7.1 billion to GH¢5 billion in a single year.
On accountability, Mr. Kombat said the audited accounts for 2019 to 2024 were completed by April 30, 2026, followed by the 2025 accounts on May 30, 2026.
This, he said, brought the total to seven audited financial reports submitted to the State Interests and Governance Authority (SIGA) and presented at the company’s 18th Annual General Meeting on June 30, 2026.
He added that TOR also held its first AGM in a long time to consider a ten-year financial statements backlog covering 2017 to 2025 to ensure transparency and accountability and meet statutory obligations.
By Edem Mensah-Tsotorme
