TOR turnaround achieved without government bailout - President Mahama

President John Dramani Mahama has commended the management, board and workers of the Tema Oil Refinery (TOR) for reviving the fortunes of the state-owned refinery without financial support from the government.

Speaking at an event held to receive the first barrel of oil from the Jubilee Field at TOR on August 1, 2026, the President said the refinery’s recent progress demonstrates that state-owned enterprises can succeed through strong leadership, commitment and strategic partnerships.

He noted that TOR’s recovery was achieved without a single cedi injection from the government, describing the feat as a testament to the determination and efficiency of those working at the refinery.

“TOR has achieved all this on their own. Government has not bailed them out. We haven’t put a single cedi into this rebound,” the President said.

President Mahama praised the board, management and staff of TOR for their role in restoring the strategic national asset, while also acknowledging the support provided by the Minister of Energy and the ministry.

He said TOR had challenged the long-held perception that state-owned enterprises could only survive through privatisation.

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According to him, the refinery could have been leased to a private entity for 15 years at a cost of $22 million if not for the courage and resistance of workers, whose commitment helped preserve the facility.

The President also highlighted the importance of strategic partnerships in achieving TOR’s progress, describing the development as an example of what can be accomplished when public institutions are effectively managed.

The Tema Oil Refinery, established as a strategic national asset, has in recent years faced operational and financial difficulties. However, management has undertaken measures aimed at restoring its capacity and ensuring its long-term sustainability.

DR/MA