The State Interests and Governance Authority (SIGA) has lauded the Tema Oil Refinery (TOR) for achieving a historic financial turnaround, marking its first profit in ten years.
In a press statement issued in Accra on June 1, 2026, SIGA disclosed that TOR posted a profit before tax of GHS 1.24 billion in 2025, supported by strong revenue growth, foreign exchange gains, associate profit contributions, and improved receivables management. The refinery also reduced payables, cut down debt, and successfully completed Turnaround Maintenance activities.
The Authority further noted that TOR had submitted six years of audited accounts, covering 2019 through 2025, in compliance with governance and accountability requirements. This, SIGA said, reflects the refinery’s renewed commitment to transparency and corporate responsibility.
While acknowledging lingering challenges such as liquidity pressures and long-term balance sheet restructuring, SIGA expressed confidence in TOR’s recovery trajectory. It urged the Board and Management to sustain the momentum, deepen operational efficiencies, strengthen governance standards, and accelerate efforts toward long-term profitability and competitiveness.
“Parliament is a bastion of democracy that must uphold the highest standards of transparency and accountability,” the statement read, adding that public service must be seen as a sacrifice rather than a profit-making venture.
SIGA reiterated its commitment to supporting specified entities that demonstrate accountability, strategic transformation, and measurable performance outcomes in line with Ghana’s national development priorities.
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