TOR recorded a profit before tax of GHS1.24 billion in 2025, marking its first return to profitability in a decade, Managing Director Edmond Kombat disclosed. The refinery had made significant progress in addressing its financial challenges under the administration of President John Dramani Mahama.
The company’s trade and other payables declined from GHS7.1 billion to GHS5 billion within a year.
The improved financial performance reflected management’s efforts to rebuild the company’s commercial operations, strengthen accountability and restore confidence among business partners. Commercial operations generated more than 36 per cent revenue growth in 2025 compared with 2024, with revenue increasing by almost 60 per cent as of September 2026.
The refinery had also recovered outstanding receivables, improved financial controls and continued upgrading the refinery’s Quality Control Laboratory.
The results represent a significant shift from the financial position inherited in May 2025, when the refinery had accumulated losses of approximately GHS10 billion and debt estimated at US$517 million. Management was also pursuing a financial restructuring programme, including independent assessments of liabilities and discussions with the Ghana Revenue Authority, SSNIT and other creditors to establish sustainable repayment arrangements.
The Ministry of Finance was working with TOR to consider writing off US$120 million in legacy debt owed to the government or converting the amount into equity.
Edmond Kombat said management remained focused on sustaining the financial gains and improving performance in 2026. He attributed the financial improvement to prudent management, improved commercial operations and measures introduced to strengthen the refinery’s financial position following years of losses and mounting liabilities.
The company had made progress in addressing its financial challenges, with trade and other payables declining and receivable days dropping from 1,099 to 652.
The improved financial performance of TOR has implications for Ghana’s economy, particularly in the energy sector. The refinery’s return to profitability could lead to increased investment in the sector, creating jobs and stimulating economic growth.
The financial restructuring programme and discussions with creditors could also lead to a more stable financial position for the refinery, reducing the risk of future losses and debt accumulation.