TOR reduces negative equity from GH¢7.5bn to GH¢5bn – Kombat

The Tema Oil Refinery (TOR) says it has reduced its negative equity from GH¢7.5 billion to GH¢5 billion as part of efforts to restore its financial stability.

Managing Director of TOR, Edmond Kombat, says the improvement forms part of a broader restructuring programme aimed at strengthening the refinery's balance sheet and positioning it for long-term sustainability.

Speaking on the second day of the Ghana Economic Forum organised by the Business & Financial Times (B&FT), he said management is working to move the refinery from negative to positive equity through debt restructuring and a revaluation of its assets.

“We had inherited a negative equity of 7.5 billion. At the end of 2025, it came down to 5 billion,” he said.

Mr Kombat disclosed that the refinery's assets were last valued in 2009, prompting management to engage valuers to undertake a fresh assessment.

“The last time the refinery was valued was 2009. We've brought back the valuers to revalue it,” he stated.

He said the objective is to clean up the refinery's balance sheet, restructure its debt and achieve a positive equity position ahead of a planned listing on the Ghana Stock Exchange in 2028.

“We want to clean it and move to a positive equity and restructure the debt and we are targeting 2028 to list it,” he added.

Mr Kombat said management is also targeting at least three years of sustained profitability before the proposed listing, which he believes will attract private-sector investment and strengthen the refinery's corporate governance.