The State Interests and Governance Authority (SIGA) has commended the Tema Oil Refinery (TOR) for what it described as a historic financial turnaround after the refinery recorded a profit before tax of GH¢1.24 billion in 2025 and submitted six years of outstanding audited financial statements.
In a press statement issued on June 1, 2026, SIGA said TOR had successfully completed and submitted audited accounts for 2019, 2020, 2021, 2022, 2023, 2024 and 2025, describing the development as “a major milestone in TOR’s governance, compliance, and accountability journey.”
According to SIGA, the 2025 performance represents TOR’s first profit in 10 years and signals renewed institutional recovery.
The Authority said the refinery also recorded several key gains in 2025, including strong revenue growth, a foreign exchange gain of GH¢1.3 billion, and an increase in share of associate profit to GH¢155 million.
SIGA further noted that TOR reduced its trade and other payables from GH¢7.1 billion in 2024 to GH¢5 billion in 2025, while receivable days dropped sharply from 1,099 days to 652 days.
It also cited a decline in total debt levels between 2024 and 2025, as well as the successful completion of Turnaround Maintenance (TAM) works and the refining of about 600,000 barrels of crude oil.
SIGA said these results were driven by deliberate leadership, stronger corporate governance, operational reforms and the commitment of TOR’s board, management and staff.
The Authority also acknowledged the role of the board in supporting management’s recovery agenda through debt restructuring, receivables recovery, cost containment measures, and continued investment in critical refinery infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
While noting that challenges still remain, especially in relation to liquidity pressures, retained deficits and long-term balance sheet restructuring, SIGA said it is encouraged by the refinery’s recovery path and improving financial indicators.
SIGA therefore urged TOR’s board and management to sustain the momentum, deepen operational efficiency, strengthen corporate governance standards and accelerate efforts toward long-term profitability, competitiveness and national energy security.
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