Ghana: Investment In Domestic Refining Critical To Industrial Growth – TOR MD

Ghana needs to increase investment in domestic oil refining to support industrial growth, reduce reliance on imported petroleum products and retain more economic value locally, the managing director of Tema Oil Refinery (TOR), Edmond Kombat, said on Wednesday.

Speaking at the Energy Day of the 15th Ghana Economic Forum in Accra, Kombat said domestic refining was important for ensuring fuel availability, supporting industrial activities, supplying fuel for power generation and creating jobs.

He said the benefits of local refining extended beyond the production of petroleum products to include opportunities for petrochemical development and other related businesses.

Kombat said Ghana’s dependence on imported refined petroleum products exposed the economy to higher freight, insurance and refining costs, particularly during disruptions in international petroleum markets, including those affecting shipping through the Strait of Hormuz.

Expanding domestic refining capacity would help reduce these pressures and provide a more reliable fuel supply for businesses and industries, he said.

Kombat also outlined progress in TOR’s recovery following the resumption of crude processing in December 2025, including efforts to improve operational efficiency, rehabilitate critical infrastructure and expand processing capacity.

He said the refinery was also working towards listing on the Ghana Stock Exchange by 2028 as part of efforts to attract private investment and strengthen its long-term financial position.

The planned listing would be supported by measures to restructure the company’s debt, improve its balance sheet and achieve sustained profitability, he said, adding that the process would also promote stronger corporate governance.

Kombat, who participated in a panel discussion on Ghana’s energy competitiveness, said sustained investment and a supportive policy environment were needed to strengthen domestic refining and position the country to meet local fuel demand while exploring opportunities in regional markets.

The Energy Day was organised by the Business & Financial Times (B&FT) as part of the 15th Ghana Economic Forum, held under the theme: “The Future Economy Runs on Power: Building Ghana’s Energy Advantage for Sustainable Industrialisation and Economic Growth.”