"Tema Oil Refinery to Resume Operations After Four-Year Hiatus; Eyes $400m Monthly Savings"

Tema Oil Refinery (TOR) is expected to resume full operations by October 2025 after a four-year halt, the company’s Acting Managing Director, Edmund Kombat, has disclosed.

Speaking before the Energy Committee of Parliament, Mr Kombat said the refinery’s return to optimal production is aimed at reducing Ghana’s heavy dependence on imported refined petroleum products, which currently costs the nation an estimated $400 million monthly.

“We are putting in place strategic measures to bring TOR back to life and sustain its operations going forward,” Mr Kombat stated.

According to him, the refinery is targeting a processing capacity of up to 60% of the country’s total crude oil demand—a move expected to enhance energy security and create significant foreign exchange savings.

TOR suspended its operations in 2021 due to a prolonged shortage of crude oil feedstock, compounding years of financial and operational difficulties at Ghana’s only state-owned refinery.

Financial Oversight Gaps Acknowledged

In his submission to the committee, Mr Kombat also revealed that TOR has not had its financial statements audited since 2019, raising concerns over governance and financial oversight at the state-owned enterprise.

“We are currently working to finalise the outstanding audits, and we expect to present the updated financial reports to Parliament by next month,” he assured.

The refinery’s revival plan comes at a time when global energy markets are increasingly volatile, and domestic energy self-sufficiency is being prioritised by policymakers. The resumption of TOR’s operations, if achieved, could help narrow Ghana’s petroleum import bill and provide critical support to the cedi through reduced forex demand.

Parliament is expected to maintain close oversight of TOR’s operational and financial recovery plan in the months ahead, particularly regarding progress on auditing, procurement, and investment partnerships.