Tema Oil Refinery hosts IMF delegation to assess $517m debt recovery

On August 1, 2025, a delegation from the International Monetary Fund (IMF) visited the Tema Oil Refinery (TOR) to evaluate ongoing rehabilitation efforts and the refinery’s financial recovery strategy. Led by Dr. Adrian Alter, the team met with TOR management to assess how the state-owned enterprise is managing its significant debt burden while striving to restore full operational capacity. The visit forms part of the IMF’s broader engagement with Ghanaian state institutions to monitor reforms and ensure fiscal discipline under the current economic framework. Managing Director Edmond Kombat disclosed that the refinery is currently navigating a total debt of US$517 million, which includes US$120 million owed specifically to the government. Despite these liabilities, Mr. Kombat emphasized that the refinery has not received any direct government funding since the current management took over in May 2025. Instead, TOR has relied entirely on internally generated funds to sustain its day-to-day operations. This shift toward financial self-reliance is a key pillar of the management’s strategy to demonstrate fiscal responsibility. The refinery has shown signs of operational resilience, having processed approximately five million barrels of crude oil recently, with two million barrels sourced from domestic production. Management reported that TOR achieved profitability last year and is exploring a potential listing on the Ghana Stock Exchange to attract fresh capital. This move would aim to attract private investment to fund infrastructure upgrades and debt restructuring, reducing the refinery's reliance on short-term credit. Beyond financial metrics, the visit highlighted TOR's critical role in national energy security by stabilizing the domestic petroleum supply. Management also briefed the IMF team on efforts to improve corporate governance, including addressing a backlog of unaudited accounts and enhancing transparency in financial reporting. These reforms are seen as essential steps to restoring the refinery’s reputation as a viable industrial asset for Ghana.