The State Interests and Governance Authority (SIGA) has commended the Board, Management, and staff of Tema Oil Refinery (TOR) for achieving a remarkable financial turnaround, culminating in the refinery’s first profit in a decade and the successful submission of six years of outstanding audited financial statements.
According to SIGA, TOR completed and submitted its audited accounts for the years 2019, 2020, 2021, 2022, 2023, 2024, and 2025, marking a significant milestone in the refinery’s efforts to strengthen corporate governance, accountability, and regulatory compliance.
The audited financial statements revealed that TOR recorded a historic Profit Before Tax of GHS 1.24 billion in 2025, representing the refinery’s first profit in ten years and signaling a strong recovery in its financial and operational performance.
SIGA noted that the refinery’s impressive performance was driven by strong revenue growth, making 2025 its best financial year since 2019. The refinery also recorded a foreign exchange gain of GHS 1.3 billion through prudent financial and forex management strategies.
Additionally, TOR’s share of associate profit increased to GHS 155 million, reflecting the value of its strategic investments. The refinery also made significant progress in debt and receivables management, reducing trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, while receivable days dropped from 1,099 days to 652 days.
Operationally, TOR successfully completed major Turnaround Maintenance (TAM) activities and refined approximately 600,000 barrels of crude oil, demonstrating renewed operational capacity and technical resilience.
SIGA attributed these achievements to strategic leadership, strengthened governance structures, operational reforms, and the commitment of the refinery’s Board, Management, and staff. The Authority also acknowledged the Board’s role in supporting management’s recovery agenda through debt restructuring initiatives, receivables recovery efforts, cost containment measures, and investments in critical refinery infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
While noting that challenges such as liquidity constraints, retained deficits, and long-term balance sheet restructuring remain, SIGA expressed optimism about TOR’s recovery trajectory and improving financial outlook.
The Authority urged the refinery to sustain its current momentum, deepen operational efficiencies, strengthen governance standards, and accelerate efforts toward long-term profitability, competitiveness, and national energy security.
SIGA reaffirmed its commitment to supporting state-owned entities that demonstrate accountability, strategic transformation, and measurable performance outcomes in line with Ghana’s national development objectives.
PRESS RELEASE
SIGA COMMENDS TEMA OIL REFINERY FOR HISTORIC FINANCIAL TURNAROUND AND SUBMISSION OF SIX YEARS OF AUDITED ACCOUNTS
The State Interests and Governance Authority (SIGA) commends the Board, Management, and Staff of Tema Oil Refinery (TOR) for the successful completion and submission of outstanding Audited Financial Statements for 2019, 2020, 2021, 2022, 2023, 2024 and 2025. This achievement marks a major milestone in TOR’s governance, compliance, and accountability journey, especially considering that TOR had not produced audited accounts for the period spanning 2019 to 2024.
According to the audited accounts presented to SIGA, TOR recorded a historic Profit Before Tax of GHS 1.24 billion in 2025 — the refinery’s first profit in ten (10) years and a significant indicator of renewed institutional recovery.
SIGA further notes with satisfaction several key achievements recorded by the refinery in 2025, including:
• Strong revenue growth, representing TOR’s best financial performance since 2019;
• A foreign exchange gain of GHS 1.3 billion arising from prudent financial and forex management strategies;
• Growth in share of associate profit to GHS 155 million, reinforcing the value of TOR’s strategic investments;
• A reduction in trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025;
• A significant improvement in receivables management, with receivable days reducing from 1,099 days to 652 days;
• A notable decline in total debt levels between 2024 and 2025; and
• The successful completion of Turnaround Maintenance (TAM) activities and the refining of approximately 600,000 barrels of crude oil, demonstrating renewed operational capacity and technical resilience.
SIGA recognizes that these achievements are the results of deliberate strategic leadership, strengthened corporate governance practices, operational reforms, and the unwavering dedication of the Board, Management, and staff of TOR.
The Authority also acknowledges the important role played by the Board in supporting management’s recovery agenda, particularly through initiatives relating to debt restructuring, receivables recovery, cost containment measures, and continued investments in critical refinery infrastructure, including the Crude Distillation Unit (CDU) and the Residue Fluid Catalytic Cracker (RFCC).
While challenges remain — particularly in relation to liquidity pressures, retained deficits, and long-term balance sheet restructuring — SIGA is greatly encouraged by the refinery’s clear recovery trajectory and the improving financial indicators reflected in its 2025 performance.
SIGA therefore urges the Board and Management of TOR to sustain the current momentum, deepen operational efficiencies, strengthen corporate governance standards, and accelerate efforts toward achieving long-term profitability, competitiveness, and national energy security.
The Authority reiterates its commitment to supporting all Specified Entities that demonstrate accountability, strategic transformation, and measurable performance outcomes in alignment with Ghana’s national development priorities.
For further enquiries, please contact the Corporate Affairs Unit of SIGA at info@siga.gov.gh.
Issued by:
Corporate Affairs Unit
State Interests and Governance Authority (SIGA)
Accra, Ghana
1st June 2026
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