The Managing Director (MD) of the Tema Oil Refinery (TOR), Mr Edmond Kombat, has called for increased investment in domestic petroleum refining to support Ghana’s industrialisation agenda, reduce dependence on imported finished petroleum products and retain more economic value within the country.
He made the call at the Energy Day of the 15th Ghana Economic Forum in Accra on Wednesday, November 11, 2026, where he highlighted the strategic importance of strengthening local refining capacity.
Mr Kombat said domestic refining was essential to ensuring reliable fuel supplies, supporting industrial activities, providing fuel for power generation and creating employment opportunities.
He noted that the benefits of local refining extended beyond the production of petroleum products to include opportunities for petrochemical development and other related industries.
Drawing attention to disruptions in international petroleum markets, particularly around the Strait of Hormuz, the TOR Managing Director said Ghana’s reliance on imported finished petroleum products exposed the economy to fluctuations in freight, insurance and refining costs.
He argued that expanding domestic refining capacity would help reduce these external pressures, strengthen energy security and provide a more reliable supply of petroleum products to businesses and industries.
Touching on the refinery’s recovery after years of inactivity, Mr Kombat outlined progress made since crude processing resumed in December 2025.
He said ongoing efforts were focused on improving operational efficiency, rehabilitating critical infrastructure and expanding the refinery’s processing capacity.
The measures, he explained, were intended to strengthen TOR’s operations and position it to play a more significant role in meeting Ghana’s petroleum needs.
Addressing concerns about the sustainability of the refinery’s recovery, particularly amid changes in political administration, Mr Kombat disclosed that TOR was working towards listing on the Ghana Stock Exchange by 2028.
He explained that the company was pursuing debt restructuring, improvements to its balance sheet and sustained profitability to prepare it for private investment.
According to him, the proposed listing would also support improved corporate governance and help secure the refinery’s long-term operations.
Mr Kombat, who also participated in a panel discussion on Ghana’s energy competitiveness, reiterated the need for sustained investment and a supportive policy environment to strengthen domestic refining.
He said a stronger refining sector would enable Ghana to meet more of its local fuel requirements while exploring opportunities in regional petroleum markets.
The Energy Day of the 15th Ghana Economic Forum was organised by the Business and Financial Times (B&FT) under the theme: “The Future Economy Runs on Power: Building Ghana’s Energy Advantage for Sustainable Industrialization and Economic Growth.”
