TOR Ghana: Clears 6-Year Audit Backlog, Submits 7 Reports to SIGA

• Tema Oil Refinery (TOR) has cleared a six-year audit backlog, submitting seven financial reports to SIGA.
• The outstanding accounts for 2019-2024 were completed by April 30, 2026, and 2025 accounts by May 30, 2026.
• This action brings TOR's financial reporting obligations up to date for the first time since 2018.
• The refinery recorded a profit before tax of GH¢1.24 billion in 2025, its first profitability in a decade.
• The initiative aims to enhance transparency, strengthen financial accountability, and restore confidence in the state-owned enterprise.

The clearance of the TOR audit backlog under SIGA Ghana oversight represents a critical step in addressing long-standing governance challenges.

The Tema Oil Refinery (TOR) has successfully resolved a significant six-year backlog in its audited financial statements, a development announced by Managing Director Edmond Kombat. This achievement encompasses the period from 2019 through 2024, marking the end of a prolonged stretch during which the state-owned entity lacked completed audited accounts. The refinery finalized the outstanding accounts for 2019 to 2024 by April 30, 2026, subsequently completing its 2025 accounts on May 30, 2026.

In total, seven audited financial reports were submitted to the State Interests and Governance Authority (SIGA), effectively bringing TOR's financial reporting obligations up to date. Mr. Kombat made this disclosure during the Government Accountability Series held at Jubilee House on Monday, October 26, 2026. These comprehensive reports were formally presented at TOR’s 18th Annual General Meeting, which took place on June 30, 2026.

The clearance of the TOR audit backlog under SIGA Ghana oversight represents a critical step in addressing long-standing governance challenges. According to the Managing Director, the absence of current audited accounts was a primary concern when the present management team assumed leadership in May 2025. For several years, the Tema Oil Refinery had failed to meet its financial reporting obligations, necessitating a thorough review of unaudited accounts to accurately assess its financial standing.

SIGA commended the refinery for its diligent efforts, noting that this initiative has brought TOR's financial records current for the first time since the 2018 accounts were filed. This extensive exercise, which included holding the first Annual General Meeting in a considerable period to review statements from 2017 to 2025, is central to management's broader commitment. Its objectives include enhancing transparency, bolstering financial accountability, and rebuilding trust in the operations of the Ghana state-owned enterprise. Ensuring compliance with statutory requirements and providing reliable financial information for decision-making were key drivers behind these reforms.

Beyond rectifying past reporting deficiencies, the financial reporting reforms at TOR are part of a wider strategy aimed at improving the refinery's overall commercial performance. Alongside the efforts to clear the TOR audit backlog, management is actively pursuing initiatives to reduce liabilities and recover outstanding receivables. This holistic approach is designed to strengthen the refinery's financial health and operational efficiency.

A significant outcome of these efforts is the recorded profit before tax of GH¢1.24 billion in 2025. This achievement, confirmed by SIGA, marks the Tema Oil Refinery's first return to profitability in a decade, signaling a positive shift in its financial trajectory. The Managing Director affirmed that the refinery intends to continue reinforcing its financial management systems as an integral component of its ongoing recovery program, ensuring sustained adherence to Ghana corporate governance SOE principles.

Lawyers advising state-owned enterprises (SOEs) in Ghana or involved in corporate governance should note the renewed emphasis on strict adherence to financial reporting obligations, as demonstrated by TOR's clearance of a six-year audit backlog under SIGA's oversight. This indicates increased regulatory scrutiny and a need for proactive compliance to avoid similar historical non-compliance issues.

Source: Original reporting via Ernest K. Arhinful