Tema Oil Refinery (TOR) has presented nine years of audited financial statements covering the period from 2017 to 2025, marking a major milestone in efforts to strengthen transparency, restore statutory compliance and rebuild confidence in Ghana's state-owned refinery.
The development was announced by the Minister for Energy and Green Transition, John Abdulai Jinapor, after he joined the refinery's Board, management and stakeholders for TOR's Annual General Meeting.
Mr. Jinapor described the presentation of the audited accounts as a significant achievement for the refinery, noting that it demonstrates renewed commitment to accountability and sound corporate governance.
"This marks a significant milestone in restoring statutory compliance, strengthening transparency and reinforcing confidence in one of Ghana's most strategic national assets," he said.
The minister commended the Board, Managing Director Edmond Kombat, management and staff for their efforts in completing the long-outstanding financial reporting process.
Government reaffirms support
Mr. Jinapor also welcomed the refinery's improving financial performance and the successful resumption of refining operations following maintenance work on the Crude Distillation Unit.
"I am encouraged by TOR's improved financial performance and the successful restart of refining operations following the completion of maintenance works on the Crude Distillation Unit," he stated.
He reaffirmed the government's commitment to supporting the refinery's modernisation, recapitalisation and long-term growth, stressing that a stronger TOR is essential to Ghana's energy future.
According to the minister, strengthening the national refinery will enhance energy security, create employment opportunities, add value to Ghana's crude oil resources and reduce the country's reliance on imported refined petroleum products.
The renewed government backing comes as Ghana seeks to expand local refining capacity and strengthen its downstream petroleum industry as part of broader efforts to improve energy resilience and promote industrial development.
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