The Tema Oil Refinery (TOR) has staged a major financial turnaround, moving from a net loss of GH¢745.27 million in 2024 to a net profit of GH¢1.093 billion in 2025, the 2025 State Ownership Report of the State Interests and Governance Authority (SIGA) has revealed.
The performance marked TOR’s first profit in almost a decade and placed the refinery among the most significant individual success stories in the government’s State-owned enterprise (SOE) portfolio for the year.
According to the report, TOR was one of six prominent State-owned entities that moved from negative financial positions in 2024 to positive results in 2025.
Its turnaround of about GH¢1.84 billion represented a significant reversal in the refinery’s financial fortunes.
The development is particularly significant for TOR, a strategic State-owned asset whose prolonged financial difficulties have been a major concern within Ghana’s petroleum downstream industry.
The latest figures indicate a decisive improvement in the refinery’s reported financial position.
TOR’s performance coincided with a strong recovery in the broader Energy category, which ended a four-year loss cycle in 2025.
The category moved from a net loss of GH¢4.662 billion in 2024 to a net profit of GH¢4.412 billion in 2025, with all petroleum and gas entities reporting profits.
TOR’s return to profitability contributed to a stronger overall performance by State-owned enterprises, with the SOE portfolio moving from a consolidated net loss of GH¢2.259 billion in 2024 to a net profit of GH¢19.800 billion in 2025.
For TOR, the achievement came in a year when the wider SOE portfolio recorded a 42.49 per cent reduction in finance costs, from GH¢6.381 billion to GH¢3.670 billion.
SIGA said the stronger cedi, debt settlements and reduced foreign-currency exposures contributed materially to the reduction in financing costs across the portfolio.
The broader SOE recovery was also supported by increased revenue, with aggregate revenue rising by 28.12 per cent, from GH¢137.643 billion in 2024 to GH¢176.432 billion in 2025.
Core operating revenue increased by 39.15 per cent to GH¢148.514 billion, with core operations accounting for 84.18 per cent of total revenue, up from 77.50 per cent in 2024.
The report, however, does not provide a detailed breakdown of the specific operational measures or revenue streams that produced TOR’s GH¢1.093 billion profit.
It therefore stops short of attributing the refinery’s turnaround to any single factor.
SIGA nevertheless cautioned that some of the improvements recorded across the State ownership portfolio, particularly in the Energy and Infrastructure sectors, were influenced by favourable foreign-exchange movements, grants and other non-recurring factors.
The caution raises questions about TOR’s ability to sustain its newly achieved profitability and translate the 2025 result into a durable improvement in its financial and operational position.
SIGA said the broader State ownership portfolio must now convert the recovery into durable operational strength, stronger cash generation, greater dividend capacity and improved public-service outcomes.
FROM KEN AFEDZI, TEMA
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