Tema Oil Refinery Explores Private Investment Options as It Works to Overcome $517m Debt Burden
The Tema Oil Refinery (TOR) is considering raising capital through a possible listing on the Ghana Stock Exchange as management works to address inherited debts of approximately US$517 million and restore the facility to sustainable operations.
By Boakye Stephen, Kumasi, Ghana | Reporting for Ghanaian News Canada
26 OCTOBER 2026
Managing Director Edmond Kombat disclosed the potential listing during a visit by an International Monetary Fund (IMF) delegation led by Ghana Resident Representative Dr Adrian Alter.
The delegation visited the refinery to examine rehabilitation works, review its operational challenges and gain insight into management’s efforts to improve financial performance and restore critical processing facilities.
Mr Kombat said a stock market listing could allow Ghanaian institutions and other investors to acquire shares in the refinery, providing an additional source of funding for operations, rehabilitation and future expansion.
The proposal remains under consideration; no confirmed listing date or final decision was announced in the report.
Management outlines debt-reduction efforts
Mr Kombat said the current management team had relied on funds generated internally since assuming office in May 2025, adding that the refinery had not received government funding during that period.
He said management was prioritising financial discipline, improved controls and the rehabilitation of essential facilities.
Of the approximately US$517 million in inherited debt, about US$120 million is reportedly owed to the government. Discussions are ongoing to restructure the obligation and reconcile historical financial commitments between TOR and state institutions.
The refinery is also exploring possible arrangements to offset amounts owed between it and other public entities. Such arrangements would require the parties to establish and agree on their respective obligations.
Despite its financial difficulties, Mr Kombat said TOR recorded a profit in the previous year. He expressed optimism that operational improvements and more favourable macroeconomic conditions could support continued profitability.
The refinery’s financial position, however, remains closely linked to its ability to manage debt, secure adequate crude supplies and maintain reliable operations.
Crude supply remains central to recovery
Mr Kombat told the delegation that TOR had processed approximately five million barrels of crude oil, including around two million barrels sourced from Ghanaian oil fields.
He said the refinery’s first domestic crude supply came from the Jubilee field through a transaction involving Vitol, which he described as fully paid for. He also acknowledged crude supplied by the Ghana National Petroleum Corporation (GNPC) from its allocation.
The managing director expressed hope that GNPC would provide its full allocation to TOR for refining in the following year, saying greater access to domestic crude would support more consistent operations.
He argued that a stronger domestic refining capacity could help Ghana reduce its exposure to international supply disruptions and improve the availability of petroleum products.
Nevertheless, the extent of this benefit will depend on the reliability and commercial terms of crude supplies, the refinery’s operational capacity and the cost of processing.
Storage and related services offer additional revenue
Management also highlighted the commercial potential of TOR’s storage and distribution infrastructure.
The refinery reportedly has storage capacity of approximately one million metric tonnes and connections to eight privately operated depots, enabling petroleum products to be pumped directly to those facilities.
Its laboratory services, including petroleum-product testing, were also identified as a potential source of revenue beyond traditional refining activities.
These assets could support the refinery’s recovery if management can translate available capacity into consistent, commercially viable services.
Audit backlog and rehabilitation
The IMF delegation was briefed on efforts to address a six-year backlog of unaudited accounts. Mr Kombat said the Ghana Audit Service had undertaken work to clear the outstanding audits, while management intended to appoint an external audit firm at the refinery’s next Annual General Meeting for subsequent assignments.
The team was also informed about changes to financial reporting, internal controls, staffing and crude-supply arrangements.
Following the discussions, the delegation toured parts of the refinery to observe rehabilitated facilities and ongoing engineering works intended to restore critical units and improve processing capacity.
The visit formed part of the IMF team’s broader engagement with government institutions and selected state-owned enterprises to understand their operations, financial conditions and economic contributions.
COMMENTARY
TOR’s recovery will require more than a possible stock market listing. Investors will want credible financial statements, a transparent debt-restructuring plan, dependable crude supplies and evidence that rehabilitation can produce sustained commercial returns. Clearing the audit backlog is particularly important because reliable accounts help the public and prospective investors assess the refinery’s true financial position. A listing could provide new capital, but it would not automatically resolve structural weaknesses. Long-term success will depend on accountable management, disciplined spending and consistent operational performance.
