Ghana’s Tema Oil Refinery (TOR) has recorded a historic profit before tax of GHS 1.24 billion in 2025, marking its first positive financial performance in ten years, according to the State Interests and Governance Authority (SIGA).
SIGA, in a statement referencing TOR’s audited financial accounts, described the result as a major turnaround for the state-owned refinery and a key milestone in its recovery and reform efforts.
The refinery also successfully submitted outstanding audited financial statements covering the 2019 to 2025 financial years, a development SIGA said significantly strengthens TOR’s governance and accountability record.
According to the Authority, TOR had not produced complete audited accounts for several years, making the recent submissions a notable improvement in compliance.
SIGA highlighted several performance indicators for 2025, including strong revenue growth, a foreign exchange gain of GHS 1.3 billion, and increased profit from associated investments valued at GHS 155 million.
The refinery also reduced its trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, alongside a decline in overall debt levels during the same period.
Operationally, TOR processed about 600,000 barrels of crude oil during the year, supported by completed turnaround maintenance works that restored key refinery units.
SIGA attributed the improved performance to strategic leadership, enhanced corporate governance, cost-control measures, and ongoing debt restructuring initiatives.
Despite the gains, the Authority noted that challenges such as liquidity pressures and accumulated deficits remain, but expressed optimism about the refinery’s recovery path.
It urged management and the Board to sustain reforms, improve efficiency, and strengthen long-term profitability to support Ghana’s energy security objectives.
Established in 1963, TOR remains Ghana’s only oil refinery and has faced years of operational setbacks, including shutdowns, maintenance constraints, and funding challenges.
