Ghana’s premier oil refinery, Tema Oil Refinery (TOR), recorded a historic profit before tax of GHS 1.24 billion in 2025, according to a statement issued by the State Interests and Governance Authority (SIGA), citing the refinery’s audited accounts.
The profit marks TOR’s first positive financial result in a decade and signals a significant milestone in the refinery’s recovery efforts.
The statement, however, did not disclose the refinery’s total revenue for 2025.
SIGA commended the Board, Management and Staff of TOR for the successful completion and submission of the refinery’s outstanding audited financial statements for 2019, 2020, 2021, 2022, 2023, 2024 and 2025.
“This achievement marks a major milestone in TOR’s governance, compliance and accountability journey, especially considering that TOR had not produced audited accounts for the period spanning 2019 to 2024,” SIGA stated.
The Authority also highlighted several key achievements recorded by the refinery in 2025, including strong revenue growth, representing TOR’s best financial performance since 2019; a foreign exchange gain of GHS 1.3 billion; growth in share of associate profit to GHS 155 million, reinforcing the value of TOR’s strategic investments; a reduction in trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025; a decline in total debt levels between 2024 and 2025; and the successful completion of Turnaround Maintenance (TAM) activities.
SIGA further noted that TOR refined approximately 600,000 barrels of crude oil during the year, demonstrating renewed operational capacity and technical resilience.
According to the Authority, these achievements are the result of deliberate strategic leadership, strengthened corporate governance practices, operational reforms, and the unwavering dedication of the Board, Management and staff of the refinery.
SIGA also acknowledged the critical role played by the Board in supporting management’s recovery agenda, particularly through debt restructuring initiatives, receivables recovery, cost-containment measures, and continued investments in critical refinery infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
While challenges remain, particularly in relation to liquidity pressures, retained deficits and long-term balance sheet restructuring, SIGA said it is encouraged by the refinery’s recovery trajectory and the improving financial indicators reflected in its 2025 performance.
The Authority urged 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.
SIGA reiterated its commitment to supporting all specified entities that demonstrate accountability, strategic transformation and measurable performance outcomes in alignment with Ghana’s national development priorities.
It will be recalled that this portal first reported in late December 2025 that TOR had resumed crude oil refining operations following extensive maintenance works.
Established in 1963, Tema Oil Refinery (TOR) is Ghana’s only oil refinery and plays a critical role in the country’s downstream petroleum sector.
Over the years, the refinery has faced several operational challenges, including intermittent shutdowns resulting from maintenance constraints, financing difficulties, and crude oil supply shortages.
Since assuming office, the new management team has pursued a revitalisation agenda aimed at restoring full operational capacity, improving efficiency, and repositioning TOR as a commercially viable refinery.
The resumption of crude imports and refining activities forms part of ongoing efforts to stabilise domestic fuel supplies and strengthen Ghana’s energy security.
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