TOR breaks six-year audit silence: refinery clears massive backlog, returns to profit

The Tema Oil Refinery (TOR) has achieved a major governance milestone by clearing its entire backlog of audited financial statements, ending six consecutive years without completed accounts. Managing Director Edmond Kombat announced the breakthrough at the Government Accountability Series at Jubilee House on Monday, October 26, 2026, marking a turning point for one of Ghana's most strategically important state-owned enterprises.

The refinery submitted seven audited financial reports to the State Interests and Governance Authority (SIGA) after completing outstanding accounts for 2019 to 2024 by April 30, 2026, and finalising the 2025 accounts on May 30, 2026. These reports were formally presented at TOR's 18th Annual General Meeting on June 30, 2026—the first comprehensive shareholder meeting in several years—and represent a complete restoration of the refinery's financial reporting obligations to date, with the last filed accounts having been for 2018.

From crisis to compliance: the turnaround story

The audit backlog had become a defining symbol of governance failure at TOR. When the current management team took office in May 2025, the absence of audited accounts for six years stood as a critical governance challenge, leaving stakeholders in the dark about the refinery's true financial position. SIGA commended TOR for completing the overdue reports, acknowledging the scale of the undertaking.

Mr Kombat explained that management was forced to undertake a comprehensive review of unaudited accounts spanning multiple years to establish an accurate financial picture. The exercise required examining records from 2017 through 2025, a daunting task that demanded fresh accounting systems, verification processes, and coordination with external auditors.

Beyond clearing the backlog, TOR has introduced broader financial management reforms aimed at strengthening internal controls and ensuring future compliance with statutory requirements. These measures are part of a larger recovery programme designed to restore confidence in the refinery's operations and improve the reliability of financial information available to policymakers and investors.

Why it matters for Ghana

TOR is Ghana's sole petroleum refinery and a crucial node in the nation's energy security infrastructure. For years, the audit backlog undermined investor confidence, complicated government planning, and raised questions about the refinery's operational efficiency and financial health. The backlog also complicated oversight by Parliament and hindered informed decision-making on energy policy.

The refinery's return to profitability—posting a profit before tax of GH¢1.24 billion in 2025, its first positive result in a decade—signals potential recovery. This comeback, paired with restored financial transparency, could strengthen Ghana's ability to manage its petroleum sector strategically, reduce dependence on imported refined fuel, and improve government revenue from energy operations. The audit clearance also demonstrates progress in closing governance gaps that have long plagued state-owned enterprises.

The road ahead

Management has signalled that financial reporting reforms are proceeding in tandem with broader operational improvements, including efforts to reduce liabilities, recover receivables, and enhance commercial performance. The refinery plans to continue strengthening its financial management systems as part of its ongoing recovery agenda.

For Ghana's broader governance narrative, TOR's turnaround is significant. It demonstrates that even deeply entrenched institutional problems can be addressed with committed leadership and focused effort. However, sustaining these gains will require consistent application of improved financial controls and accountability mechanisms in the years ahead.