TOR clears six-year audit backlog, submits seven financial reports to SIGA

The Tema Oil Refinery (TOR) has cleared its backlog of audited financial statements covering 2019 to 2024, bringing an end to six consecutive years without completed audited accounts, Managing Director Edmond Kombat has announced.

Mr Kombat said the refinery completed the outstanding accounts by April 30, 2026, before finalising its 2025 accounts on May 30, 2026.

Speaking at the Government Accountability Series at Jubilee House on Monday, October 26, 2026, he said the company had submitted seven audited financial reports to the State Interests and Governance Authority (SIGA), restoring its financial reporting obligations to date.

The reports were presented at TOR’s 18th Annual General Meeting on June 30, 2026.

According to the Managing Director, SIGA commended the refinery for completing the outstanding reports, which brought it up to date for the first time since the 2018 accounts were filed.

“The audited accounts for 2019 to 2024 were completed by April 30, 2026, followed by the 2025 accounts on May 30, 2026,” he said.

He explained that the exercise was part of management’s broader commitment to improving transparency, strengthening financial accountability and restoring confidence in the operations of the state-owned refinery.

The absence of audited accounts had been among the major governance challenges facing TOR when the current management assumed office in May 2025.

Mr Kombat said the company had spent several years without fulfilling its financial reporting obligations, making it necessary for management to review the unaudited accounts and establish a clearer picture of its financial position.

He also disclosed that TOR had held its first Annual General Meeting in a long time to consider outstanding financial statements covering multiple years, including the period from 2017 to 2025.

The exercise was intended to ensure compliance with statutory requirements and improve the availability of reliable financial information for decision-making.

Mr Kombat said the financial reporting reforms were being pursued alongside efforts to reduce liabilities, recover receivables and improve the refinery’s commercial performance.

He noted that TOR had also recorded a profit before tax of GH¢1.24 billion in 2025, its first return to profitability in a decade, according to SIGA.

The Managing Director said the refinery would continue strengthening its financial management systems as it pursued its recovery programme.