TOR clears six-year audit backlog, records GH¢1.24bn profit
The Tema Oil Refinery (TOR) has completed its outstanding audited financial statements for 2019 to 2024 and finalised its 2025 accounts, bringing its financial reporting up to date after years of delays.
The refinery’s Managing Director, Edmond Kombat, disclosed this when he took his turn at the Government Accountability Series in October 2026, where he outlined the financial and operational changes undertaken since the current management assumed office in May 2025.
“We have also dealt with the backlog in financial reporting,” Mr Kombat said.
He explained that the audited accounts for 2019 to 2024 were completed by April 30, 2026, followed by the 2025 accounts on May 30, 2026. The seven audited financial reports were submitted to the State Interests and Governance Authority (SIGA) and presented at TOR’s 18th Annual General Meeting on June 30, 2026.
The backlog was among the challenges facing the refinery when the current management took office. TOR had not filed audited financial statements for six consecutive years, while accumulated losses stood at about GH¢10 billion and debt had risen to approximately US$517 million.
The refinery also had outstanding obligations to the Ghana Revenue Authority, the Social Security and National Insurance Trust, utility providers, staff and other creditors.
Mr Kombat said the completion of the accounts was part of efforts to improve transparency, meet statutory obligations and strengthen financial management.
The refinery’s financial performance also improved in 2025, recording a profit before tax of GH¢1.24 billion, its first return to profit in a decade, according to SIGA.
Trade and other payables fell from GH¢7.1 billion to GH¢5 billion within one year, while receivable days declined from 1,099 to 652.
TOR also ranked second among public institutions in the inaugural Public Financial Management Compliance League Table.
The management said it was pursuing further measures to address the refinery’s legacy obligations and sustain the progress made in its financial and operational recovery.
Richard Aniagyei, ISD
