Edmond Kombat briefs IMF on Tema Oil Refinery's $517m debt recovery

The Managing Director of Tema Oil Refinery (TOR), Edmond Kombat, has hosted a country team from the International Monetary Fund (IMF) to review the facility's ongoing recovery efforts and financial sustainability strategies. Led by Dr. Adrian Alter, the IMF delegation visited the refinery to assess the management of a significant inherited debt of approximately $517 million and the progress of rehabilitation projects initiated under the current administration. The visit included a tour of the facility to inspect technical upgrades and evaluate the refinery's operational capacity.

During the briefing, Mr. Kombat revealed that the refinery has achieved a state of operational profitability since May 2025. He emphasized that the facility's current activities are being sustained entirely through internally generated resources, without any direct financial support from the government. This shift toward self-sufficiency is a central component of the management’s strategy to restore TOR’s role as a critical pillar of Ghana’s energy security, following the restart of crude processing and the implementation of enhanced financial reporting measures.

In a direct critique of international financial policy, Mr. Kombat challenged the IMF's historical recommendations for state-owned enterprises in developing nations. He argued that traditional prescriptions favoring private ownership over state control have often failed to yield positive results for countries like Ghana. However, he noted that under the leadership of President John Mahama, state entities like TOR are demonstrating that they can be managed effectively and profitably. The Managing Director indicated that the IMF delegation appeared to acknowledge this progress, suggesting a possible shift in the Fund's perspective on state-run industries.

Looking ahead, the refinery management is focused on enhancing financial accountability through the auditing of past accounts and exploring a potential listing on the Ghana Stock Exchange to attract new investment. Operational improvements, including the resumption of domestic crude refining and securing consistent oil supplies, are intended to reduce the nation's reliance on international markets. Mr. Kombat expressed cautious optimism about future engagements with the IMF as the refinery continues its path toward full operational capacity and pursues strategic debt restructuring with the government.