Godwin Mahama Ayaba, Corporate Affairs Officer for External Affairs at Tema Oil Refinery (TOR) Ltd., has stated that the company is currently in a healthy operational state due to the competent leadership of Managing Director Edmund Kombat, his deputy, and the board. He noted that the management team has demonstrated a clear sense of purpose and direction that was absent under the previous administration, which oversaw seven different managing directors during its tenure.
Ayaba asserted that the company was deliberately run down under the previous administration to justify selling it cheaply. However, he maintained that the election of President John Dramani Mahama saved the state-owned refinery. The current financial recovery highlights the severity of the past mismanagement.
In 2025, TOR recorded a profit before tax of GHS 1.24 billion—its first profit in a decade. This major milestone was driven by improved revenue generation, stronger financial management, and renewed operational activity following years of inactivity and restructuring. Key drivers included a foreign exchange gain of GHS 1.3 billion alongside GHS 155 million in profit from associate investments.
Appearing on Frontline on Rainbow Radio 87.5FM with host Kwabena Agyapong, Ayaba outlined significant workforce and operational improvements:
When the current management took over, they addressed over 300 employee petitions regarding collective bargaining agreements, welfare, and promotions, resulting in over 300 staff promotions for the first time in six years. Ayaba revealed that several former employees had previously retired without receiving their benefits, which led to the tragic deaths of some retired staff. The new management has since cleared all outstanding benefit debts, including those for recent retirees, and signed new collective bargaining agreements with salary increases taking effect in July.
Logistical capacity has also expanded with the purchase of three coastal buses for worker transportation, two forklifts, and six pickup trucks. The refinery now operates an in-house clinic as the primary healthcare facility for staff and management prior to hospital referrals, with TOR covering external medical expenses.
Operationally, the refinery processed approximately 600,000 barrels of crude oil following extensive maintenance works. TOR has also taken custody of 3 million barrels of crude from the Jubilee field. Ayaba emphasized that the plant maintains the technical capacity to refine sweet and medium-sweet crude from other nations.
He stressed that all financial gains were generated internally, without government capital injection or contracted loans. Rejecting claims that the previous administration laid a foundation for this turnaround, Ayaba stated, “The NPP knew how terribly they ran down TOR and cannot claim they laid any solid foundation.” He noted that the previous administration attempted “to sell TOR at a ‘donkomi’ [giveaway] price of $22 million,” which ultimately failed.
Plans are now far advanced for President Mahama to cut the sod for the construction of a new refining plant with a capacity of 100,000 barrels per day.⁷⁹
By: Rainbowradioonline.com/Ghana