Ghana's state-owned Tema Oil Refinery (TOR) made a pre-tax profit of 1.24bn GHS (€96mn) in 2025, its first in ten years, and is considering a listing on the Ghana Stock Exchange, managing director Edmond Kombat said at a government briefing on October 26, Adom Online and Joy Business reported. The refinery inherited about $517mn of debt when current management took over in May 2025, he said.
Analysis: The reported 2025 profit equals about one-eighth of the roughly 10bn GHS (€770mn) in accumulated losses as of May 2025, by our calculation. Trade payables also fell to 5bn GHS (€390mn) from 7.1bn GHS (€550mn), though substantial liabilities remain. The accounts are unaudited while Ghana's Audit Service works through a six-year backlog, according to the company. That would be a hurdle for a public listing, which normally requires audited financial statements. Management said the finance ministry is considering writing off or converting a $120mn state debt into equity, which could affect the balance sheet.
Source: Multimedia Group, Statement by TOR managing director Edmond Kombat at the Government Accountability Series, as reported by Adom Online on October 26, 2026, 2025; Multimedia Group, Statement by TOR managing director, as reported by Adom Online on October 26, 2026, To May 2025 (management change) and 2025 (one year after May 2025); Multimedia Group, Statement by TOR managing director Edmond Kombat to an IMF delegation, as reported by Joy Business on October 25, 2026, May 2025 (management change); Bank of Ghana, Bank of Ghana, Daily Interbank FX Rates table, 28 October 2026