Tema Oil Refinery (TOR) has been ranked second among seven highly compliant institutions in Ghana’s inaugural Public Financial Management Compliance League Table, published by the Ministry of Finance on Thursday, placing the state-owned refiner in the top bracket of a 101-institution assessment conducted under the PFM Act, 2016 (Act 921).

The league table, described by the Ministry as a “landmark transparency and accountability initiative,” evaluates the degree to which public institutions adhere to the rules and procedures governing the use of public funds.

It fulfills a commitment made in the 2025 Budget Statement to publish an objective, evidence-based assessment of PFM compliance across covered entities.

TOR’s placement in the highly compliant tier is notable given the refinery’s operational history. The company resumed crude oil processing in December 2025 following a Turnaround Maintenance exercise on its Crude Distillation Unit, its first active refining period since 2018, and is currently processing crude under a tolling arrangement with private suppliers.

TOR Managing Director, Edmond Kombat, said the ranking reflected the institution’s commitment to financial discipline alongside its operational recovery.

“This recognition affirms that our internal reforms and compliance systems are working. We have been deliberate about strengthening our financial management processes as we rebuild TOR’s operational capacity,” he said.

The energy sector accounted for four of the seven highly compliant institutions. TOR in second place, the Ministry of Energy and Green Transition in third, Ghana National Petroleum Corporation (GNPC) in fourth, and the Petroleum Hub Development Corporation in seventh.

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The Environmental Protection Authority, whose mandate intersects with energy infrastructure oversight, topped the overall ranking, while the Ministry of Finance itself was placed fifth.

Kombat added that the result was a signal to stakeholders and investors of TOR’s institutional credibility.

“As we advance our capacity expansion plans and seek partners for the next phase of TOR’s development, sound financial management is not optional, it is foundational. This ranking sends the right message,” he noted.

Fifty-three institutions were classified as compliant, including the Ghana Airports Company Limited, the National Petroleum Authority, and the Securities and Exchange Commission.

A further 22 institutions, among them Ghana Ports and Harbours Authority, Ghana Health Service, and Ghana Gas, were rated moderately compliant.

Nineteen institutions received the lowest rating of least compliant. They include the Ghana Revenue Authority, which holds a central role in the government’s IMF-supported revenue mobilisation agenda, and Korle Bu Teaching Hospital and the University of Ghana, two of the country’s largest public institutions by budget.

The Ministry said it would engage low-scoring entities directly and take “firm steps” to address persistent non-compliance.

TOR is currently integrating a second processing furnace, the F-61 unit, with its existing crude distillation infrastructure.

The completion of that work is expected to raise the refinery’s operational capacity from 28,000 to 45,000 barrels per stream day.

The company has stated its intention to seek investors for a further expansion to 60,000 barrels per stream day.

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