Ghana’s Tema Oil Refinery (TOR) is back in operation, offering hope for more stable domestic fuel prices and economic resilience, the Ghana Association of Banks (GAB) said in its 2026 Industry Outlook.
Fuel costs have long been a source of pressure for households and businesses alike. Between 2015 and 2021, diesel and petrol prices steadily rose due to global oil markets and cedi depreciation.
The spikes peaked in 2022, when diesel reached GH¢19.61 per litre and petrol GH¢16.58 per litre, before easing slightly in 2023 and 2024. By October 2025, prices moderated further to GH¢13.67 and GH¢13.11 per litre, respectively.
GAB emphasized that the restart of TOR’s refining operations in late 2025 could anchor domestic fuel prices. “…the renewed TOR operations present a promising structural anchor for cooling fuel prices going forward,” the report said, highlighting the refinery’s potential to reduce dependence on imported fuel.
The refinery’s revival follows years of inactivity, caused by equipment obsolescence, financial constraints, and debt accumulation, which forced TOR to rely on imported refined products. Extensive Turnaround Maintenance between August and October 2025 allowed the refinery to resume operations in December 2025 on a phased basis, restoring capacity while ensuring operational stability.
For banks and the wider economy, the implications are significant. Lower fuel costs can ease inflationary pressures, reduce input costs for businesses, and support more stable loan portfolios. “…manage concentration risks in commodity‑linked lending while leveraging improved FX inflows to expand trade finance and transaction banking services,” GAB advised, underscoring the link between energy stability and financial sector health.
The TOR revival also strengthens Ghana’s long-term energy strategy. With upgraded equipment and plans to reach 45,000 barrels per stream day, the refinery is poised to improve energy security, reduce foreign exchange outflows, and support household budgets. Yet, GAB cautioned that global oil price volatility and exchange rate fluctuations remain potential risks that require continued vigilance.
By combining structural improvements with prudent policy and banking practices, TOR’s restart represents more than an industrial milestone. It is a strategic lever for moderating one of Ghana’s most volatile cost drivers, offering households, businesses, and the financial sector a rare chance at greater stability in 2026.
