The Tema Oil Refinery (TOR), the state-owned refinery, has cleared a six-year backlog of audited financial statements and completed its latest accounts.
This progress marked a major milestone in restoring financial transparency and corporate governance at the state-owned refinery.
Mr Edmond Kombat, Managing Director of TOR, announced at the company’s 18th Annual General Meeting (AGM) in Accra on Tuesday that the refinery had successfully audited and finalised its outstanding accounts covering the years 2019 to 2024, in addition to completing the 2025 financial statements.
He said the exercise resulted in the production and submission of seven audited financial reports to the State Interests and Governance Authority (SIGA) by May 2026.
Mr Kombat noted that at the time he assumed office, TOR had not produced audited financial statements for six consecutive years.
That situation, he said, was as a grave institutional concern that undermined the refinery’s credibility and operational effectiveness.
“An organisation that cannot account for itself cannot attract investment, cannot negotiate with creditors on fair terms, and cannot make management decisions based on sound financial data,” he stated.
Mr Kombat explained that clearing the audit backlog was made a top governance priority upon his appointment, leading to the formation of a dedicated internal team that worked closely with external auditors to reconstruct and reconcile financial records over the affected period.
He said the process was challenging, as financial records were incomplete in some instances and accounting standards had evolved over the years, requiring adjustments and exchange rate restatements.
Despite those hurdles, the Managing Director said the team successfully delivered as audited accounts for all outstanding years by April 30, 2026, while the 2025 accounts were completed by May 30, 2026.
He said the development was more than a statutory compliance exercise, stressing that it laid the foundation for improved corporate governance and financial discipline within the refinery.
“The completion of the audit backlog is the foundation upon which everything else is built. Creditors can now assess TOR based on verified numbers, and management can plan and invest with confidence,” he said.
The Minister of Energy and Green Transition, Mr John Abdulai Jinapor, who addressed the AGM, commended the management and staff of TOR for achieving “an unprecedented milestone within a relatively short period.”
He observed that for nearly a decade, the absence of audited accounts had signalled deep challenges within the refinery and limited its ability to function effectively.
“For nine years, the company had not been able to publish audited financials. It tells you the company was virtually dead. But this achievement demonstrates that with the right leadership, institutions can be revived,” the Minister stated.
Mr Jinapor emphasised that sound financial reporting was critical to improving the refinery’s balance sheet and enabling it to attract investment and financing for its operations.
He indicated that government, in collaboration with the Ministry of Finance, was taking steps to address TOR’s liabilities and strengthen its financial position to support long-term sustainability.
TOR, Ghana’s main oil refinery, plays a critical role in the country’s energy sector and is expected to contribute significantly to reducing petroleum imports and strengthening local value addition.