Tema Oil Refinery clears six-year backlog of audited financial statements
Tema Oil Refinery (TOR) has cleared a six-year backlog of audited financial statements and completed its latest accounts. Mr Edmond Kombat, Managing Director of TOR, announced at the company's 18th Annual General Meeting (AGM) in Accra, on Tuesday, that the refinery had successfully audited and finalised its outstanding accounts covering the years 2019 to 2024, in addition to completing the 2025 financial statements. He said the exercise resulted in the production and submission of seven audited financial reports to the State Interests and Governance Authority (SIGA) by May 2026.
Mr Kombat noted that at the time he assumed office, TOR had not produced audited financial statements for six consecutive years. He stated, "An organisation that cannot account for itself cannot attract investment, cannot negotiate with creditors on fair terms, and cannot make management decisions based on sound financial data." Clearing the audit backlog was made a top governance priority upon his appointment, leading to the formation of a dedicated internal team that worked closely with external auditors to reconstruct and reconcile financial records over the affected period. The process was challenging, as financial records were incomplete in some instances and accounting standards had evolved over the years, requiring adjustments and exchange rate restatements.
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Tema Oil Refinery (TOR), a state-owned entity, has addressed a significant backlog in its audited financial statements. This effort aims to restore
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