The State Interests and Governance Authority (SIGA) has commended the Board, Management, and Staff of the Tema Oil Refinery (TOR) for the submission of six years of outstanding audited financial statements and what it describes as a historic financial turnaround.

According to SIGA, TOR has submitted audited accounts covering the 2019 to 2025 financial years. It noted that the refinery had previously not produced audited accounts for the 2019–2024 period.

According to the audited reports presented to SIGA, TOR recorded a Profit Before Tax of GH¢1.24 billion in 2025, representing its first profit in 10 years.

TOR receives 1 million barrels of Bonga crude for refining operations

SIGA described the development as a significant indicator of the refinery’s recovery, highlighting several improvements in its financial performance.

These include strong revenue growth in 2025, a foreign exchange gain of GH¢1.3 billion due to financial and forex management strategies, and growth in associate profit to GH¢155 million.

The refinery also recorded a reduction in trade and other payables from GH¢7.1 billion in 2024 to GH¢5 billion in 2025, as well as a decline in total debt levels over the same period.

Receivables management improved significantly, with receivable days reducing from 1,099 days to 652 days.

SIGA further noted the completion of Turnaround Maintenance (TAM) activities and the refining of about 600,000 barrels of crude oil, describing it as evidence of renewed operational capacity.

SIGA commended the refinery’s leadership, stating that the achievements reflect “deliberate strategic leadership, strengthened corporate governance practices, operational reforms, and the unwavering dedication of the Board, Management, and staff of TOR.”

It also acknowledged the role of the Board in supporting management’s recovery efforts, particularly in debt restructuring, receivables recovery, cost containment measures, and investments in critical infrastructure such as the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).

While noting remaining challenges, including liquidity pressures, retained deficits, and balance sheet restructuring needs, SIGA said it is encouraged by what it described as TOR’s “clear recovery trajectory and improving financial indicators.”

The Authority further urged management to sustain the momentum.

“SIGA therefore urges the Board and Management of TOR to sustain the current momentum, deepen operational efficiencies, strengthen corporate governance standards, and accelerate efforts toward achieving long-term profitability, competitiveness, and national energy security,” the Authority said.

It reaffirmed its commitment to supporting state-owned enterprises that demonstrate accountability and performance aligned with national development priorities.

MA