SIGA applauds TOR for submitting outstanding audited accounts and returning to profitability
The State Interests and Governance Authority (SIGA) has praised the Board, Management and staff of the Tema Oil Refinery (TOR) for submitting six years of outstanding audited financial statements and achieving a significant turnaround in the refinery’s financial performance.
According to SIGA, TOR has successfully submitted audited financial reports covering the period from 2019 to 2025, addressing a backlog of accounts that had remained outstanding for several years.
The Authority noted that the refinery’s latest audited statements indicate a Profit Before Tax of GH¢1.24 billion for the 2025 financial year, marking TOR’s first recorded profit in a decade.
SIGA described the achievement as a major milestone in the refinery’s recovery efforts and a strong indication that recent reforms are yielding positive results.
The Authority highlighted several key improvements in TOR’s financial position, including substantial revenue growth in 2025 and a foreign exchange gain of GH¢1.3 billion, attributed to effective financial and foreign exchange management strategies.
Additionally, earnings from associated companies increased to GH¢155 million during the review period.
TOR also recorded notable progress in reducing its liabilities. Trade and other payables declined from GH¢7.1 billion in 2024 to GH¢5 billion in 2025, while the refinery’s overall debt burden also decreased.
The refinery further improved its receivables management, with receivable days falling significantly from 1,099 days to 652 days.
On the operational front, SIGA pointed to the successful completion of Turnaround Maintenance (TAM) activities and the processing of approximately 600,000 barrels of crude oil as evidence of renewed operational efficiency and production capability.
The Authority credited the progress to strategic leadership, enhanced corporate governance, operational reforms and the commitment of TOR’s workforce.
According to SIGA, the refinery’s Board played a critical role in supporting management’s efforts through debt restructuring initiatives, recovery of outstanding receivables, cost-control measures and investments in essential infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
Despite the positive developments, SIGA acknowledged that challenges remain, including liquidity constraints, accumulated deficits and the need for further balance sheet restructuring.
Nevertheless, the Authority expressed optimism about TOR’s future, citing what it described as a clear recovery path and improving financial fundamentals.
SIGA encouraged the refinery’s leadership to maintain the current momentum by enhancing operational efficiency, strengthening governance structures and pursuing long-term profitability and competitiveness.
“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 stated.
The Authority also reaffirmed its commitment to supporting state-owned enterprises that demonstrate accountability, transparency and strong performance in line with Ghana’s national development objectives.
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