TOR Stuns Ghana With Historic GH¢1.09bn Profit After Years of Losses

Tema Oil Refinery (TOR) has recorded a remarkable financial turnaround, moving from a net loss of approximately GH¢745 million to a net profit of GH¢1.09 billion.

The development has been highlighted among the significant turnarounds recorded by Ghana’s state-owned enterprises, with President John Dramani Mahama acknowledging the refinery’s improved performance during the SIGA Boards and Chief Executive Officers conference.

The latest figures represent a dramatic shift in TOR’s financial fortunes and mark what has been described as the refinery’s first net profit in almost a decade.
The turnaround is being seen as a significant achievement for an institution that has faced years of financial and operational challenges.

President Mahama, in recognising the performance of TOR and other state-owned enterprises, stressed the need for state institutions to pursue higher standards of performance, stronger governance and greater value creation for the country.
He urged boards and chief executives of state-owned enterprises to build on the progress made and continue delivering results that benefit the Ghanaian taxpayer.

The President’s recognition of TOR’s performance comes as renewed efforts are being made to reposition the refinery as a key player in Ghana’s petroleum industry.
The refinery’s improved financial position is expected to strengthen confidence in its operations and support ongoing efforts to restore its full operational capacity.

By Maurice Otoo