The Tema Oil Refinery (TOR) is considering a listing on the Ghana Stock Exchange to attract fresh investment as management works to restructure an inherited debt burden of approximately $517 million and restore financial stability.
Managing Director of TOR, Edmond Kombat, disclosed this during a visit by an International Monetary Fund (IMF) delegation led by Ghana Resident Representative, Dr Adrian Alter, to assess rehabilitation works and the refinery’s efforts to restore sustained operations.
Mr Kombat said a listing would enable Ghanaian institutions and other investors to acquire shares in the refinery, providing capital to support operations and future expansion.
He added that since assuming office in May 2025, management had relied entirely on internally generated funds to finance its activities, without government financial support.
Of the total debt, approximately $120 million is owed to the government, with discussions underway to restructure the obligation and reconcile outstanding financial commitments between the refinery and the state.
Despite the financial challenges, Mr Kombat said TOR recorded a profit last year, expressing optimism that operational reforms and improved macroeconomic conditions would support sustained profitability.
The refinery has processed approximately five million barrels of crude oil, including about two million barrels sourced from Ghana’s oil fields. Management is hoping the Ghana National Petroleum Corporation will make its full crude allocation available to TOR by next year to improve feedstock security and ensure more consistent operations.
Beyond refining, management is exploring additional revenue from its storage infrastructure, distribution network and petroleum-testing laboratory. TOR has approximately one million metric tonnes of storage capacity and connections to eight privately operated depots.
The discussions also covered efforts to address a six-year backlog of unaudited accounts, strengthen internal controls and improve financial reporting. Mr Kombat said the Ghana Audit Service had undertaken an audit exercise to address the backlog, while management planned to appoint an external audit firm for subsequent audits.
The IMF delegation also toured rehabilitated facilities and ongoing engineering works aimed at improving processing capacity and restoring critical units.
The proposed stock exchange listing, alongside debt restructuring and operational reforms, forms part of management’s efforts to strengthen TOR’s finances and improve its contribution to Ghana’s energy security.