Ghana’s premier oil refinery, the Tema Oil Refinery (TOR), recorded a profit before tax of GHS1.24 billion in 2025, marking its first positive financial performance in more than a decade.
The achievement was disclosed by the State Interests and Governance Authority (SIGA) in a statement referencing TOR’s audited financial accounts.
According to SIGA, the refinery also completed and submitted all outstanding audited financial statements covering the period from 2019 to 2025, describing the development as a major milestone in TOR’s governance, accountability and compliance efforts.
The Authority highlighted several improvements recorded by the refinery in 2025, including strong revenue growth, a foreign exchange gain of GHS1.3 billion, growth in associate profit to GHS155 million, a reduction in trade and other payables from GHS7.1 billion in 2024 to GHS5 billion in 2025, declining debt levels, and the successful completion of Turnaround Maintenance activities.
SIGA further noted that TOR refined about 600,000 barrels of crude oil during the year, reflecting renewed operational activity and improved technical capacity.
The Authority attributed the refinery’s turnaround to strategic leadership, operational reforms, strengthened corporate governance and the commitment of the Board, Management and staff.
SIGA also commended the Board for supporting debt restructuring efforts, receivables recovery, cost-control measures and investments in key refinery infrastructure, including the Crude Distillation Unit and Residue Fluid Catalytic Cracker.
While acknowledging ongoing challenges such as liquidity pressures and balance sheet restructuring, SIGA said TOR’s improving financial performance signals positive recovery momentum and urged management to sustain efforts toward long-term profitability and competitiveness.