Tema Oil Refinery confirms Edmond Kombat as Managing Director at 18th AGM

Man in a dark blue suit and bright blue tie with a lanyard, seated at an event with a camera in the background.

By Prince Antwi July 1, 2026

Shareholders of the Tema Oil Refinery (TOR) have approved the appointment of Edmond Kombat as the company’s substantive Managing Director at its 18th Annual General Meeting (AGM) held in Accra on June 30, 2026.

Mr Kombat, who had been serving in an acting capacity, is credited with playing a key role in recent improvements in TOR’s financial performance and operational efficiency. His confirmation comes as part of ongoing efforts to stabilise and reposition the state-owned refinery.

TOR has faced years of operational challenges, including high debt levels, intermittent shutdowns, and difficulties in securing crude oil and working capital.

The appointment also follows recent disclosures by the State Interests and Governance Authority (SIGA), which reported that TOR has submitted audited financial statements covering the 2019 to 2025 financial years. SIGA noted that the refinery had previously failed to produce audited accounts for the 2019–2024 period.

According to SIGA, TOR recorded a profit before tax of GH¢1.24 billion in 2025, marking its first profit in a decade. The authority attributed the turnaround to improved revenue performance and stronger financial management.

It also reported a foreign exchange gain of GH¢1.3 billion, supported by enhanced financial and forex strategies, as well as an increase in profit from associates to GH¢155 million.

SIGA further noted that TOR reduced its trade and other payables from GH¢7.1 billion in 2024 to GH¢5 billion in 2025, alongside an overall decline in debt levels.

Receivables management also improved significantly, with receivable days dropping from 1,099 days to 652 days, reflecting better cash flow discipline.

In addition, SIGA highlighted the completion of Turnaround Maintenance (TAM) works and the processing of about 600,000 barrels of crude oil, describing these developments as signs of improved operational capacity.

Over the past 17 months, TOR has been implementing a recovery programme focused on restoring refining operations, strengthening governance, and improving financial stability. The programme includes cost-cutting measures, internal restructuring, and renewed engagement with stakeholders in the petroleum downstream sector.

The refinery has also been working to enhance crude processing readiness, manage legacy debt, and explore strategic partnerships to improve long-term capacity utilisation.