The State Interest and Governance Authority(SIGA) has commended the Board, Management and staff of Tema Oil Refinery(TOR) for its submission of its Audited Financial Statements for the past 7 years .
In a statement released on Monday, March 1,2026, the authority explained that the subimission of Audited Financial Statements by TOR is a step in the right direction considering the fact that the State Agency had not published its Audited Finacial Report since December 2019.
SIGA also commended TOR for recording a Profit Before Tax of GHS 1.24 billion in the 2025 Financial Year, the refinery’s first ever profit recorded in the past 10 years.
SIGA further highlighted several notable performances underpinning the turnaround, including strong revenue growth representing TOR’s best financial performance since 2019, a foreign exchange gain of GHS 1.3 billion from prudent financial and forex management, and growth in associate profit to GHS 155 million.
The refinery also reduced trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, while receivable days improved significantly from 1,099 days to 652 days. Total debt levels also declined between 2024 and 2025.Additionally, TOR successfully completed Turnaround Maintenance (TAM) activities, refining approximately 600,000 barrels of crude oil.
Despite the progress, SIGA acknowledged that liquidity pressures, retained deficits, and long-term balance sheet restructuring remain areas of concern. The Authority urged TOR’s Board and Management to sustain momentum, deepen operational efficiencies, strengthen corporate governance standards, and accelerate efforts toward long-term profitability and national energy security.
SIGA reaffirmed its commitment to supporting all Specified Entities that demonstrate accountability and measurable performance outcomes aligned with Ghana’s national development priorities.
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