The Tema Oil Refinery(TOR) has announced a major financial turnaround after recording a profit for the first time in nearly a decade, following the presentation of nine years of audited accounts at its 18th Annual General Meeting.
The AGM brought together shareholders, the State Interests and Governance Authority (SIGA), the Ministry of Finance, and other key stakeholders, with the Minister for Energy and Green Transition, John Abdulai Jinapor, also in attendance.
A key highlight of the meeting was the consideration of audited financial statements covering the period 2017 to 2025.
The accounts, audited by KPMG and the Ghana Audit Service, were described as a significant step toward strengthening transparency, accountability and corporate governance at the refinery.
Management disclosed that after years of consecutive losses since 2017, TOR recorded a Profit After Tax of GHS1.24 billion for the 2025 financial year, marking its first return to profitability in nearly 10 years.
The company attributed the turnaround to improved operational discipline, stronger governance reforms, and coordinated efforts by the Board, management, staff and government stakeholders.
It also referenced ongoing reforms under President John Dramani Mahama’s public sector “reset” agenda, which emphasizes accountability and efficiency in State-Owned Enterprises.
Despite the milestone, management stressed that efforts are ongoing to fully reposition TOR as a world-class refinery that supports Ghana’s energy security, creates value, and contributes to broader economic transformation.
