Tema Oil Refinery (TOR) has been ranked second among seven highly compliant institutions in Ghana’s inaugural Public Financial Management (PFM) Compliance League Table, published by the Ministry of Finance on Thursday.
The ranking places the state-owned refinery in the top tier of a 101-institution assessment conducted under the Public Financial Management Act, 2016 (Act 921), which governs the management and use of public funds.
Described by the Ministry as a “landmark transparency and accountability initiative,” the league table evaluates how well public institutions adhere to established financial rules and procedures. The publication fulfills a commitment made in the 2025 Budget Statement to provide an objective, evidence-based measure of compliance across public sector entities.
TOR’s strong showing comes amid a period of operational recovery. The refinery resumed crude oil processing in December 2025 after completing a major Turnaround Maintenance on its Crude Distillation Unit—its first refining activity since 2018. It is currently operating under a tolling arrangement with private crude suppliers.
Managing Director Edmond Kombat said the recognition reflects deliberate efforts to strengthen financial discipline alongside operational improvements.
“This recognition affirms that our internal reforms and compliance systems are working. We have been deliberate about strengthening our financial management processes as we rebuild TOR’s operational capacity,” he stated.
The energy sector featured prominently among the top performers, accounting for four of the seven highly compliant institutions. Alongside TOR, the Ministry of Energy and Green Transition ranked third, the Ghana National Petroleum Corporation placed fourth, and the Petroleum Hub Development Corporation came seventh.
The Environmental Protection Authority topped the overall rankings, while the Ministry of Finance itself placed fifth.
Kombat noted that the ranking sends a positive signal to investors and stakeholders as TOR seeks to expand its operations.
“As we advance our capacity expansion plans and seek partners for the next phase of TOR’s development, sound financial management is not optional—it is foundational. This ranking sends the right message,” he added.
Across the broader assessment, 53 institutions were classified as compliant, including the Ghana Airports Company Limited, the National Petroleum Authority, and the Securities and Exchange Commission.
A further 22 institutions, such as the Ghana Ports and Harbours Authority, the Ghana Health Service, and Ghana National Gas Company, were rated moderately compliant.
However, 19 institutions fell into the least compliant category. These include the Ghana Revenue Authority—a key player in the country’s IMF-supported revenue mobilisation programme—as well as the Korle Bu Teaching Hospital and the University of Ghana.
The Ministry of Finance said it would engage low-performing institutions directly and take “firm steps” to address persistent non-compliance.
Meanwhile, TOR continues to push forward with infrastructure upgrades. The refinery is integrating a second processing furnace, known as the F-61 unit, into its existing system. Once completed, the upgrade is expected to increase capacity from 28,000 to 45,000 barrels per stream day.
The company has also announced plans to attract investors for a further expansion to 60,000 barrels per stream day, positioning itself for a stronger role in Ghana’s downstream petroleum sector.
