NewzA delegation from the International Monetary Fund (IMF) has visited the Tema Oil Refinery (TOR) to familiarise itself with the refinery’s operations, assess ongoing rehabilitation works and gain insight into management’s efforts to restore the facility to sustained operational and financial stability. The visit formed part of the IMF team’s engagements with relevant government authorities and selected state-owned enterprises in Ghana to gain a better understanding of their operations, financial positions, challenges and contributions to the national economy. The delegation was led by the IMF’s Ghana Resident Representative, Dr.
Adrian Alter, while the TOR team was led by its Managing Director, Mr. During a meeting with the delegation, Mr. Kombat outlined the operational and financial challenges inherited by the current management, as well as measures introduced since May 2025 to restore confidence in the refinery’s operations and revive its major processing plants.
Kombat emphasised that management had relied on internally generated funds to sustain the refinery’s operations since assuming office. “Since this new management took over, we have not received a dime from government. Every single thing is done through our internally generated funds,” Mr.
He explained that management had prioritised financial discipline, operational improvements and the rehabilitation of critical facilities as part of efforts to reposition the refinery for long-term sustainability. Kombat disclosed that TOR was engaging the government over its outstanding debt obligations, with discussions focusing on possible restructuring and the reconciliation of historical financial commitments between the refinery and the state. According to him, TOR inherited a debt burden of approximately US$517 million, of which about US$120 million is owed to the government.
“Out of the US$517 million debt we inherited, we owe about US$120 million to the government. We are trying to restructure our debt with the government,” he explained. The refinery is also engaging other state institutions to resolve outstanding financial obligations between TOR and the respective entities.
Management is exploring possible netting-off arrangements to reconcile the obligations and establish the actual financial position of the parties involved. The Tema Oil Refinery (TOR) is considering a listing on the Ghana Stock Exchange as management seeks fresh investment while pursuing the restructuring of an inherited debt burden of approximately $517 million. Managing Director Edmond Kombat disclosed this during a visit by an International Monetary Fund (IMF) delegation led by the Fund’s Ghana Resident Representative, Dr Adrian Alter.
Summary from source