The State Interests and Governance Authority (SIGA) has lauded the Board, Management, and Staff of Tema Oil Refinery (TOR) for successfully completing and submitting six years of outstanding audited financial statements, describing the achievement as a major milestone in the refinery’s governance, compliance, and accountability efforts.

In a press statement, SIGA noted that TOR submitted audited financial statements covering the years 2019 to 2025, ending a prolonged period during which the refinery had failed to produce audited accounts. The Authority described the development as a significant step towards restoring confidence in the state-owned enterprise.

According to the audited accounts presented to SIGA, TOR recorded a historic Profit Before Tax of GHS 1.24 billion in 2025, marking the refinery’s first profit in a decade and signaling a strong institutional recovery.

SIGA highlighted several key achievements recorded by TOR in 2025, including strong revenue growth, which represents the refinery’s best financial performance since 2019. The Authority also cited a foreign exchange gain of GHS 1.3 billion resulting from prudent financial and foreign exchange management strategies.

Other notable achievements included an increase in associate profit share to GHS 155 million, a reduction in trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, and significant improvements in receivables management, with receivable days declining from 1,099 days to 652 days.

SIGA further noted a decline in TOR’s overall debt levels between 2024 and 2025, alongside the successful completion of Turnaround Maintenance (TAM) activities and the refining of approximately 600,000 barrels of crude oil. These developments, the Authority said, demonstrate renewed operational capacity and technical resilience at the refinery. The Authority attributed the turnaround to deliberate strategic leadership, strengthened corporate governance practices, operational reforms, and the dedication of TOR’s Board, Management, and staff.