Management at the Tema Oil Refinery (TOR) have set out a roadmap to kickstart full operations by October 2025. This is akin to a race car team preparing for a grand prix, with the finish line representing a fully functioning refinery and an economically stronger Ghana.
This return to full throttle is forecasted to help Ghana lessen its dependence on foreign refined petroleum products, somewhat like a shopper deciding to grow their own vegetables to reduce dependence on the grocery store.
During a meeting with the Energy Committee of Parliament, Edmund Kombat, the Acting Managing Director of TOR, shared that the refinery plans to process as much as 60% of Ghana’s crude oil consumption. To put this in perspective, that’s like a bakery hoping to produce over half of its bread from locally sourced ingredients. This move is projected to help the nation pocket an estimated US$400 million every month, currently spent on overseas oil imports.
TOR had to put a pause on its operations back in 2021, much like a factory halting production due to a shortage of raw materials—in this case, crude oil.
However, the Acting MD reassured the committee that strategic plans are on the drawing board to rejuvenate and uphold the refinery’s operations, much like a business owner implementing new strategies to boost and maintain sales.
Moreover, Kombat disclosed that TOR’s financial ledgers have not been audited since 2019. However, he provided assurance that steps are being taken to wrap up the audit by next month and share the financial statements with Parliament, similar to a student promising to finish their overdue homework and present it for marking.
