The Tema Oil Refinery (TOR) has cleared a six-year backlog of audited financial statements, a major governance milestone expected to strengthen investor confidence and support efforts to revive Ghana’s only state-owned oil refinery.
The refinery has completed and submitted seven audited financial reports covering the period from 2019 to 2025 to the State Interests and Governance Authority (SIGA), bringing its financial reporting up to date for the first time in nearly a decade.
Speaking at TOR’s 18th Annual General Meeting (AGM) in Accra on Tuesday, the Managing Director, Mr Edmond Kombat, described the achievement as a critical step toward restoring transparency, accountability and sound corporate governance.
He said when he assumed office, the refinery had failed to produce audited financial statements for six consecutive years, a situation that undermined its credibility, weakened management decision-making and made it difficult to attract investors or negotiate favourable terms with creditors.
“An organisation that cannot account for itself cannot attract investment, cannot negotiate with creditors on fair terms, and cannot make management decisions based on sound financial data,” Mr Kombat said.
According to him, clearing the audit backlog became an immediate governance priority, prompting management to establish a dedicated internal team that worked with external auditors to reconstruct and reconcile financial records dating back to 2019.
He acknowledged that the exercise was complex because some financial records were incomplete, while changes in accounting standards and exchange rate adjustments required extensive restatements.
Despite those challenges, Mr Kombat said the refinery successfully completed audits for the outstanding financial years by April 30, 2026, while the 2025 accounts were finalised a month later.
He stressed that the achievement extended beyond meeting statutory obligations, saying it provided a credible financial foundation for the refinery’s recovery strategy.
“The completion of the audit backlog is the foundation upon which everything else is built. Creditors can now assess TOR based on verified numbers, and management can plan and invest with confidence,” he said.
The Minister of Energy and Green Transition, Mr John Abdulai Jinapor, praised the refinery’s management and staff for what he described as an unprecedented accomplishment within a short period.
He noted that the absence of audited financial statements for almost a decade reflected the severe operational and financial challenges confronting the refinery.
“For nine years, the company had not been able to publish audited financials. It tells you the company was virtually dead. But this achievement demonstrates that with the right leadership, institutions can be revived,” the Minister said.
Mr Jinapor said credible financial reporting was essential to rebuilding TOR’s balance sheet and restoring the confidence of investors, lenders and development partners.
He disclosed that the Government, working with the Ministry of Finance, was implementing measures to address the refinery’s outstanding liabilities and improve its financial position to ensure long-term sustainability.
The updated financial records are also expected to improve compliance with corporate governance requirements and provide a stronger basis for future investment decisions as the refinery pursues operational reforms.
TOR remains Ghana’s only state-owned oil refinery and plays a strategic role in the country’s downstream petroleum industry. Government expects the refinery’s revitalisation to reduce dependence on imported refined petroleum products, enhance local value addition and strengthen national energy security.
