Tema Oil Refinery (TOR) has recorded a major financial turnaround, moving from a GH¢745.27 million loss in 2024 to a GH¢1.093 billion profit in 2025.
The development is contained in the 2025 State Ownership Report by the State Interests and Governance Authority (SIGA).
The latest figures represent an improvement of about GH¢1.84 billion in just one year and mark TOR’s first profit in almost a decade.
TOR is among a number of State-Owned Enterprises (SOEs) highlighted by SIGA for making significant financial turnarounds during the period.
The refinery’s performance comes as Ghana’s broader State ownership portfolio also returned to profitability after four consecutive years of losses.
According to the report, aggregate SOE performance improved from a GH¢2.26 billion net loss in 2024 to a GH¢19.8 billion net profit in 2025, representing an improvement of about GH¢22.06 billion.
The Energy sector also recorded a significant recovery, moving from a GH¢4.66 billion net loss in 2024 to a GH¢4.41 billion profit in 2025.
SIGA says all petroleum and gas entities within the Energy category recorded profits during the year.
However, the Authority has cautioned that the improved performance should be assessed carefully, noting that favourable foreign-exchange movements, grants and other non-recurring factors contributed to some of the gains.
SIGA says sustaining the recovery will require continued improvements in operational efficiency, cost control, revenue mobilisation, foreign-exchange management, balance-sheet repair and corporate governance.
Across the SOE portfolio, revenue also increased by 28.12 percent, rising from GH¢137.64 billion in 2024 to GH¢176.43 billion in 2025.
Core operating revenue grew by 39.15 percent to GH¢148.51 billion, while finance costs fell by 42.49 percent, from GH¢6.38 billion to GH¢3.67 billion.
For TOR, the figures represent a significant reversal of its financial fortunes.
After years of losses, the refinery has now posted more than GH¢1 billion in profit in a single financial year.
The big question, however, is whether TOR can sustain this performance and build on the 2025 gains to achieve a long-term financial and operational revival.
Story by: Ezekiel Kwakwa,Tema
