Edmond Kombat briefs IMF on Tema Oil Refinery recovery efforts

Managing Director of Tema Oil Refinery (TOR), Edmond Kombat, has briefed an International Monetary Fund (IMF) country team on the refinery's operational recovery and strategies to manage an inherited debt of approximately $517 million. The IMF delegation, led by Dr. Adrian Alter, visited the facility to inspect rehabilitated projects and assess management's efforts to restore the refinery's contribution to national energy security. This visit marks a significant engagement as TOR seeks to demonstrate financial sustainability under its current leadership.

During the briefing, Mr. Kombat emphasized that since the new management took office in May 2025, TOR has funded its operations entirely through internally generated resources without government assistance. Key improvements highlighted include the successful restart of crude oil processing, enhanced financial accountability, and the ongoing auditing of past accounts. The refinery is focusing on increasing domestic crude refining to mitigate Ghana's reliance on international markets while also exploring corporate governance reforms to ensure long-term stability.

The Managing Director took the opportunity to critique the IMF's historical approach to state-owned enterprises (SOEs) in developing countries. Mr. Kombat argued that past IMF prescriptions often failed to benefit these economies by favoring private operations over state-run entities. However, he noted that under the leadership of President John Mahama, state-owned entities like TOR are performing profitably, challenging traditional IMF perspectives. He expressed cautious optimism that the IMF's stance might be shifting after the delegation appeared impressed by the refinery's progress.

Looking ahead, TOR management discussed potential debt restructuring plans with the government and the possibility of listing the refinery on the Ghana Stock Exchange (GSE) to attract further investment. The IMF team toured the rehabilitated facilities and acknowledged the progress made in restoring operational capacity. These recovery efforts are seen as vital for securing Ghana's energy future and reducing the fiscal burden of the refinery's historical debts.