The State Interests and Governance Authority (SIGA) has praised the Tema Oil Refinery (TOR) for what it describes as a historic financial recovery following the submission of six years of outstanding audited accounts and a return to profitability in 2025.
According to SIGA, TOR has successfully completed and submitted audited financial statements covering the 2019 to 2025 period, addressing a long-standing gap in its reporting history that had raised governance and accountability concerns.
The latest audited results show that the refinery recorded a profit before tax of GHS 1.24 billion in 2025, marking its first profit in a decade and signalling what authorities describe as a major turnaround in its operational and financial performance.
SIGA noted that the 2025 results reflect significant improvements across key financial indicators, including strong revenue growth, enhanced forex management that yielded a foreign exchange gain of GHS 1.3 billion, and increased share of associate profit amounting to GHS 155 million.
The refinery also recorded notable progress in debt management, with total liabilities declining and trade and other payables reducing from GHS 7.1 billion in 2024 to GHS 5 billion in 2025.
In addition, receivables management improved substantially, with average collection days reducing from 1,099 days to 652 days, while overall debt levels also showed a downward trend.
Operationally, TOR completed key Turnaround Maintenance (TAM) works during the period and successfully processed approximately 600,000 barrels of crude oil, which SIGA said demonstrated renewed technical capacity and operational resilience.
The Authority attributed the improvement to strengthened governance systems, strategic leadership, cost containment measures, debt restructuring efforts, and sustained investment in key infrastructure such as the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
While acknowledging ongoing challenges, including liquidity constraints, retained deficits, and balance sheet pressures, SIGA described TOR’s current trajectory as encouraging and indicative of sustained recovery.
It therefore urged the refinery’s Board and Management to maintain the reform momentum, deepen efficiency measures, and continue strengthening governance structures to secure long-term profitability and contribute to Ghana’s energy security objectives.
SIGA reaffirmed its commitment to supporting state-owned enterprises that demonstrate measurable progress, accountability, and alignment with national development goals.
