This marks a major milestone in the refinery’s governance and accountability drive. 

A press statement issued by SIGA in Accra and copied to the Ghana News Agency on Tuesday said the audited accounts covered the period from 2019 to 2025, ending years in which the refinery had not produced such reports. 

It said the achievement underscored renewed commitment by the Board, Management and staff of TOR to transparency and sound corporate governance. 

The Authority said TOR recorded a profit before tax of GHS 1.24 billion in 2025, representing the refinery’s first profit in a decade and a strong indicator of institutional recovery. 

SIGA noted that the refinery’s improved performance was driven by deliberate strategic leadership, strengthened governance systems and operational reforms. 

The statement highlighted key achievements in 2025, including strong revenue growth, foreign exchange gains of GHS 1.3 billion resulting from prudent financial management strategies, and an increase in share of associate profit to GHS 155 million. 

It also cited a reduction in trade and other payables from GHS 7.1 billion in 2024 to GHS 5 billion in 2025, alongside improved receivables management, with receivable days dropping significantly from 1,099 days to 652 days. 

Additionally, SIGA indicated that TOR recorded a notable decline in its total debt levels and successfully completed Turnaround Maintenance activities, refining approximately 600,000 barrels of crude oil. 

The Authority said the outcomes reflected renewed operational capacity and enhanced technical resilience at the refinery. 

Despite the gains, SIGA acknowledged that challenges remained, particularly liquidity pressures, retained deficits and the need for long-term balance sheet restructuring. 

However, it expressed confidence in TOR’s recovery trajectory, citing improving financial indicators in its 2025 performance. 

SIGA urged the Board and Management of TOR to sustain the momentum by deepening operational efficiencies, strengthening corporate governance standards and fast-tracking efforts towards long-term profitability and competitiveness. 

The Authority reiterated its commitment to supporting specified entities that demonstrated accountability, strategic transformation and measurable results aligned with national development priorities. 

It encouraged continued investment in critical infrastructure, including the Crude Distillation Unit and the Residue Fluid Catalytic Cracker to enhance the refinery’s operational capacity and ensure national energy security.