President John Dramani Mahama has described the revival of the Tema Oil Refinery (TOR) as the restoration of Ghana’s “birthright,” saying the achievement reflects the resilience, expertise and determination of Ghanaian engineers who refused to allow the country’s only state-owned refinery to collapse.

Speaking at the commissioning of refurbished facilities at TOR in Tema on Saturday, the President said the successful restoration of the refinery proves that strategic state-owned enterprises can be transformed into efficient and profitable institutions through visionary leadership, sound management and dedicated local expertise.

The ceremony marked the commissioning of the refurbished Crude Distillation Unit (CDU), the Residue Fluid Catalytic Cracking Unit (RFCC), a new 120-ton steam boiler, the F-61 Crude Heater and other upgraded installations. It also coincided with the delivery of one million barrels of Ghana’s Jubilee Medium Sweet Crude aboard the MT Apache for local refining.

President Mahama said the occasion represented far more than a technical milestone.

“Today, we celebrate more than engineering success. We celebrate the resilience of a people who chose to rebuild rather than abandon an institution that continues to hold immense strategic value for our nation,” he said.

Reflecting on TOR’s history, the President recalled that the refinery processed seven million barrels of crude into refined petroleum products before receiving Ghana’s first Jubilee crude cargo in December 2016, a milestone he said underscored the country’s commitment to adding value to its natural resources.

He acknowledged that the refinery subsequently endured years of operational shutdowns, mounting debts and declining public confidence, prompting calls for it to be privatised or abandoned.

Rejecting those proposals, President Mahama said strategic national assets should be rehabilitated rather than discarded.

“But I have always believed that nations do not build prosperity by abandoning strategic national assets whenever they face adversity. You do not sell your birthright because maintaining it has become difficult. You restore it. You strengthen it. You make it work again,” he stated.

The President noted that restoring TOR fulfilled a key campaign promise and forms part of the government’s broader industrialisation agenda.

He disclosed that since May this year, the refinery has received three separate consignments of one million barrels of crude oil—Bonga, Baleine and Jubilee Medium Sweet Crude—to support the resumption of domestic refining.

According to him, rehabilitation works have increased TOR’s processing capacity from approximately 28,000 barrels per stream day towards its original design capacity of 45,000 barrels, with plans to eventually expand production to 60,000 barrels per stream day.

President Mahama said a fully operational refinery would strengthen Ghana’s energy security, reduce dependence on imported petroleum products, conserve foreign exchange and create sustainable employment opportunities.

“Every barrel refined here means less foreign exchange spent importing finished petroleum products. Every young engineer employed here represents hope for Ghana’s industrial future,” he said.

He, however, cautioned management and staff that sustaining the refinery’s revival would require discipline, accountability and operational excellence.

“Reviving a refinery is one thing. Keeping it operating efficiently, safely and profitably is another,” he stressed.

The President commended TOR’s workforce for preserving the refinery’s technical expertise and infrastructure during years of operational difficulties and urged the Board and management to ensure the facility remains commercially viable and globally competitive.

To consolidate the gains, President Mahama directed the Ministry of Energy and Green Transition and TOR’s management to develop a strategic roadmap to expand refining capacity to 100,000 barrels per day. He also called for governance reforms to shield the refinery from political interference.

He said a stronger TOR would play a pivotal role in supporting the government’s proposed 24-hour economy policy while positioning Ghana to take advantage of opportunities under the African Continental Free Trade Area (AfCFTA).

Earlier, the Minister for Energy and Green Transition, Dr John Abdulai Jinapor, said President Mahama’s decision to halt a proposed US$22 million lease arrangement under the previous administration had preserved the refinery as a strategic national asset.

Dr Jinapor also revealed that the President had directed a review of the payment system for crude oil supplied to local refineries.

He explained that although domestic refineries currently pay for crude oil in foreign currency, the government is exploring the possibility of settling such transactions in Ghana cedis since refined products are sold locally in the local currency.

The Minister said the Governor of the Bank of Ghana supports the proposal, noting that reducing dependence on foreign exchange for domestic transactions could ease pressure on the cedi while lowering operational costs.

He added that discussions would soon begin on establishing a framework to facilitate greater use of the cedi in domestic crude oil transactions.

Dr Jinapor said Ghana ultimately aims to achieve self-sufficiency in petroleum products and position itself as an exporter of refined petroleum products to neighbouring countries.

The Managing Director of TOR, Edmond Kombat, said the refinery’s revival has created direct employment opportunities for 1,542 Ghanaians while restoring confidence in the country’s industrial capabilities.

He explained that the rehabilitation programme extended beyond repairing ageing equipment to rebuilding livelihoods, strengthening technical capacity and creating opportunities for young professionals.

“Today is therefore more than the commissioning of equipment. It is the commissioning of confidence. It is the restoration of national pride,” he said.

Mr Kombat said the completion of the CDU Turnaround Maintenance and the resumption of refining operations on December 19, 2025, marked a significant milestone in the refinery’s recovery.

He cited the installation of the F-61 Furnace, rehabilitation of Boiler Number Eight, installation of the new 120-ton steam boiler, completion of outstanding audited accounts and the processing of Ghanaian crude oil as other major achievements.

He further disclosed that TOR recorded a profit before tax of more than GH¢1 billion in the 2025 financial year, attributing the turnaround to improved financial discipline, operational efficiency and stronger revenue management.

According to him, the rehabilitation works created hundreds of jobs, with 301 temporary workers engaged during the CDU maintenance, 287 employed for the RFCC maintenance, 654 hired through 35 local subcontractors and 300 young engineers recruited into permanent positions.

Mr Kombat said TOR’s long-term vision is to become one of the most competitive refineries in West Africa through continued expansion, modernisation and operational excellence.

“Energy security cannot operate on office hours. Every additional hour of refining strengthens Ghana’s economy. Every additional litre produced locally reduces dependence on imports,” he said.