By: Kenneth Appiah Bani
The State Interests and Governance Authority (SIGA) has praised the Board, Management, and Staff of Tema Oil Refinery (TOR) for achieving a major financial and governance milestone, following the successful submission of six years of outstanding audited financial statements and the refinery’s first profit in a decade.
According to a press statement issued by SIGA, TOR submitted audited financial accounts covering the years 2019, 2020, 2021, 2022, 2023, 2024, and 2025, bringing an end to years of outstanding financial reporting obligations. The Authority described the development as a significant step toward strengthening transparency, accountability, and corporate governance within the state-owned refinery.
The audited accounts revealed that TOR recorded a Profit Before Tax of GH₵1.24 billion in 2025, marking the refinery’s first profit in ten years and signaling a remarkable turnaround in its financial performance.
SIGA noted that the refinery’s 2025 performance reflected strong revenue growth, making it the best financial result recorded by the company since 2019. The refinery also achieved a foreign exchange gain of GH₵1.3 billion through prudent financial and foreign exchange management strategies.
Other notable achievements highlighted by the Authority include an increase in TOR’s share of associate profits to GH₵155 million, a reduction in trade and other payables from GH₵7.1 billion in 2024 to GH₵5 billion in 2025, and significant improvements in receivables management, with receivable days reducing from 1,099 days to 652 days.
SIGA further reported a substantial decline in the refinery’s overall debt levels between 2024 and 2025. Operationally, TOR successfully completed key Turnaround Maintenance (TAM) activities and refined approximately 600,000 barrels of crude oil during the year, demonstrating renewed operational capacity and technical resilience.
The Authority attributed these achievements to strategic leadership, strengthened corporate governance structures, operational reforms, and the dedication of the refinery’s workforce. SIGA also acknowledged the critical role played by TOR’s Board in supporting management’s recovery agenda through debt restructuring initiatives, receivables recovery efforts, cost-containment measures, and investments in essential refinery infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
While recognizing that challenges remain, particularly in relation to liquidity pressures, retained deficits, and long-term balance sheet restructuring, SIGA expressed confidence in TOR’s recovery trajectory and improving financial outlook.
The Authority urged the refinery’s leadership to sustain the momentum by deepening operational efficiencies, strengthening governance standards, and accelerating efforts toward long-term profitability, competitiveness, and national energy security.
SIGA reaffirmed its commitment to supporting state-owned enterprises that demonstrate accountability, strategic transformation, and measurable performance outcomes aligned with Ghana’s national development agenda.
