Godwin Mahama Ayaba, the Corporate Affairs Officer for External Affairs at Tema Oil Refinery (TOR) Ltd, has disclosed that the dramatic turnaround of the facility has been driven entirely by the collective effort of the board, management, and staff, without relying on government funds or loans.
Speaking on Frontline on Rainbow Radio 87.5FM, he highlighted the leadership of the Managing Director, Mr Edmund Kombat, in reviving the state-owned refinery without a single cedi of direct financial assistance from the state.
He noted that the successful revamp proves local capacity exists to rebuild critical infrastructure, add value to raw materials, and deliver significant financial returns.
According to him, the government remains committed to expanding TOR’s production capabilities. He referenced directives from President John Dramani Mahama instructing Dr John Jinapor, the Minister of Energy and Green Transitions, to collaborate with TOR’s board and management on a strategic plan to boost capacity to 100,000 barrels per day.
He reiterated that the ongoing restructuring aims to eliminate political interference permanently, aligning seamlessly with the government’s broader economic transformation agenda.
Speaking to host Kwabena Agyapong, Mr Ayaba revealed that TOR recorded an after-tax profit of GHS 1.24 billion for the 2025 financial year, snapping a nine-year streak of losses. The company’s profit before tax stood at approximately GHS 1.4 billion.
He pointed out that prior to this turnaround, TOR had not posted a profit since 2016, demonstrating that the primary deficit in previous years was effective leadership.
The recent gains, he explained, were powered by favorable foreign exchange movements, heightened operational activity, and prudent financial restructuring. Crucially, all these achievements were funded entirely through Internally Generated Funds (IGF), without taking on debt or taking state handouts.
The refinery recently celebrated the commissioning of its refurbished facility within the Tema Industrial Enclave, marking the successful processing of one million barrels of locally produced Jubilee Field Medium Sweet Crude oil into finished products. The rehabilitation works included restoring the Crude Distillation Unit (CDU), restoring the Fluid Catalytic Cracking Unit (FCCU), installing the new F-61 crude heater, and returning Boiler Number Eight to service.
Looking ahead, Mr Ayaba outlined plans to expand TOR’s Single Buoy Mooring (SBM) infrastructure to allow faster, more efficient offloading of products compared to current operations.
“We are rebranding TOR. As I speak with you, if you visit the various offices of TOR, there is ongoing renovation to give the facility a befitting status. If you see the current administrative block, you will marvel, especially if you had been there before and knew how it looked. We are automating the loading system to ensure we modernise and use advanced technologies so that within a day we can load more tankers. The more you load, the more money you make. With all these, what Ghanaians need to recognise is that, firstly, the funds we have used are internally generated. With all these expenses, the Government of Ghana has not given TOR one cedi. The Government of Ghana has not invested one Ghana cedi in the revamping of TOR. This was confirmed by President Mahama last Saturday when he commissioned the refurbished refinery,” he stated.
He contrasted the current milestone with previous missteps, claiming the refinery was intentionally run down under the previous administration in an attempt to sell it off for a paltry $22 million.
“Let me also add that the new administration has not borrowed a dime to achieve these milestones in bringing TOR back to life. All monies invested have been generated internally. These are the same resources we have used in paying salaries. Since we took over, there has not been a single month that salaries have not been paid. Salaries have never delayed because we always pay them on time. We have paid provident funds and cleared all outstanding arrears owed to pensioners,” he added.
By: Rainbowradioonline.com/Ghana