The State Interests and Governance Authority (SIGA) has commended the Tema Oil Refinery (TOR) for achieving its first profit in a decade and successfully submitting six years of outstanding audited financial statements, describing the development as a major milestone in the refinery’s recovery journey.
In a statement issued on June 1, 2026, SIGA praised the Board, Management and Staff of TOR for completing and submitting audited accounts covering the period from 2019 to 2025, ending years of financial reporting arrears and strengthening the refinery’s governance and accountability credentials.
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According to the audited financial statements presented to SIGA, TOR recorded a Profit Before Tax of GHS 1.24 billion in 2025, representing its first profit in ten years and signaling what the Authority described as a significant institutional turnaround.
SIGA noted that the refinery’s performance was supported by strong revenue growth, making 2025 its best financial year since 2019. The refinery also recorded a foreign exchange gain of GHS 1.3 billion, attributed to prudent financial and foreign exchange management strategies.
The Authority highlighted additional gains, including an increase in share of associate profits to GHS 155 million, a reduction in trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, and improved receivables management, with receivable days falling from 1,099 days to 652 days.
SIGA further disclosed that TOR achieved a notable reduction in its debt levels and successfully completed Turnaround Maintenance (TAM) activities, enabling the refinery to process approximately 600,000 barrels of crude oil during the year.
The Authority attributed the refinery’s improved performance to strategic leadership, enhanced corporate governance practices, operational reforms and the commitment of management and staff.
It also acknowledged the role of the Board in supporting management’s recovery agenda through debt restructuring initiatives, receivables recovery efforts, cost containment measures and investments in critical refinery infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
Despite the positive developments, SIGA noted that challenges remain, particularly regarding liquidity constraints, retained deficits and long-term balance sheet restructuring. However, it expressed confidence in the refinery’s recovery trajectory and improving financial outlook.
SIGA is greatly encouraged by the refinery’s clear recovery trajectory and the improving financial indicators reflected in its 2025 performance,” the statement said.
The Authority urged TOR to sustain the momentum by deepening operational efficiencies, strengthening corporate governance standards and accelerating efforts to achieve long-term profitability, competitiveness and national energy security.
SIGA reiterated its commitment to supporting state-owned enterprises that demonstrate accountability, strategic transformation and measurable performance outcomes in line with Ghana’s national development objectives.
