Ghana’s Tema refinery returns to profit
By the AFREEQUE newsroom, based on Starrfm
Ghana’s state-owned Tema Oil Refinery recorded a pre-tax profit of 1.24 billion cedis in 2025 after ten years of losses. Its supplier debts fell from 7.1 billion to 5 billion cedis and revenue rose by 36%, according to its managing director Edmond Kombat, quoted by Starrfm.
Tema Oil Refinery in Ghana recorded a pre-tax profit of 1.24 billion cedis in 2025, its first positive result in ten years. Its managing director, Edmond Kombat, announced the figure on Monday 26 October 2026 during a government presentation at Jubilee House, according to Starrfm.
Trade debts and other payables fell from 7.1 billion to 5 billion cedis in one year. The average time taken to collect receivables dropped from 1,099 to 652 days. The refinery’s commercial activities generated revenue growth of more than 36% in 2025 compared with 2024, followed by an increase of nearly 60% by September 2026.
The company is seeking to restructure its debts and is holding discussions with the Ghana Revenue Authority, the national social security fund SSNIT and other creditors to agree repayment terms. The Ministry of Finance is also examining with the company the possibility of writing off $120 million in old debt owed to the state. In May 2025, the refinery had accumulated losses of about 10 billion cedis and debts of $517 million.
The results were announced as the Ghanaian Tema refinery targets a stock market listing, a plan presented on 26 October.
