TOR Had GH¢10 Billion In Losses And $570 Million Debt When We Took Over In 2025 – Kombat

Story By: Deborah Adorsu

Managing Director of Tema Oil Refinery, Edmond Kombat, has disclosed that TOR was in a severely deteriorated state when the current management took over in 2025.

Speaking at the Government Accountability Series at Jubilee House on Monday, October 26, 2026, Mr Kombat said the company had accumulated losses of about GH¢10 billion and debts of approximately $570 million.

He said the refinery’s debt had risen from about $300 million in 2016 to $570 million by 2025, after earlier restructuring under the Energy Sector Levies Act had reduced it from $650 million to $300 million by January 2017.

According to him, TOR had negative equity of GH¢7.6 billion by end of 2024 and had failed to file audited financial statements for six consecutive years from 2019 to 2024.

Operationally, he said the Crude Distillation Unit had been out of operation since April 2021 while the Residual Fluid Catalytic Cracker had been shut down since 2019, with major units not receiving required maintenance.”When the President came back and asked that the refinery be brought back, when we went there to do the assessment, this was the TOR we met,” he said.

He added that TOR had been reduced largely to renting out storage space to petroleum service providers instead of refining crude.

Mr Kombat said the refinery also owed about GH¢200 million to the Ghana Revenue Authority, GH¢20 million to SSNIT, outstanding bills to ECG and Ghana Water, and GH¢190 million to its staff provident fund and retirees.

Despite the challenges, he said management has since revived operations using internally generated funds, recorded a GH¢1.24 billion profit before tax in 2025, its first in a decade, and cut trade payables from GH¢7.1 billion to GH¢5 billion.