The Tema Oil Refinery (TOR) in Ghana has accumulated a debt of $517 million as of December 2024, according to Acting Managing Director Edmond Kombat.
This debt rise stems from outstanding trade obligations, unpaid crude oil deliveries, and changes in government accounting under Ghana’s IMF agreement.
A key factor was the reclassification of certain Ministry of Finance grants as debt, which significantly inflated TOR’s liabilities.
Kombat explained that the debt figures are currently undergoing a verification process to ensure accuracy before official disclosure.
He assured the public that a transparent report will be shared once the authentication is finalized.
TOR’s leadership is working on strategies to manage the debt burden and avoid similar financial setbacks in the future.
The refinery has faced prolonged shutdowns, mainly due to crude oil supply shortages, worsening its financial health.
Despite these setbacks, TOR is targeting a full operational restart by October 2025 to revitalize its core refining activities.
The company sees this recovery as essential to restoring its role in Ghana’s energy sector and easing reliance on fuel imports.
Ultimately, the goal is to strengthen TOR’s financial structure while aligning with national and international fiscal standards.