Current Affairs

TOR’s Debt Hits $517M, Management Blames Trade Liabilities and IMF Adjustments

Frim Pong

22 Jun 2025 — 1 min read

TOR’s Acting Managing Director, Edmund Kombat

Tema Oil Refinery (TOR) has revealed that its total debt burden surged to $517 million by the end of 2024. This figure reflects years of accumulated trade liabilities and a recent reclassification of financial assistance from the Ministry of Finance. TOR’s Acting Managing Director, Edmund Kombat, disclosed the figures after a session with Parliament’s Energy Committee, where he explained that much of the debt stemmed from unpaid crude oil supplies and legacy financial obligations.

According to Mr. Kombat, grants previously provided by the Ministry of Finance were reclassified as debt as part of Ghana’s engagement with the International Monetary Fund (IMF). This accounting change, required by the IMF, further ballooned the company’s liabilities. He also noted that some past crude oil transactions were not hedged, leaving TOR financially exposed and worsening its debt situation.

Despite these challenges, TOR management is optimistic about recovery. Plans are underway to verify and restructure the debt while restarting refinery operations by October 2025. The company has begun rehabilitating key assets like the Crude Distillation Unit and Residue Fluid Catalytic Cracker to strengthen production. Management believes this move will reduce Ghana’s dependency on imported refined petroleum and mark a turning point in TOR’s operations.

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