The Tema Oil Refinery (TOR) is considering listing on the Ghana Stock Exchange (GSE) as part of efforts to attract new investment, address its financial challenges and restructure an inherited debt estimated at approximately US$517 million.
TOR Managing Director Edmond Kombat disclosed the plan during a visit by a delegation from the International Monetary Fund (IMF), led by Ghana Resident Representative Dr Adrian Alter.
The IMF team visited the refinery to assess ongoing rehabilitation works and examine measures being implemented to restore stable operations, improve financial performance and ensure the long-term sustainability of the state-owned oil refinery.
The proposed stock market listing could provide Tema Oil Refinery with an additional avenue to raise capital, attract private-sector investors and support its operational recovery, although the plan remains under consideration.
The engagement also formed part of the IMF delegation’s broader discussions with government officials and selected state-owned enterprises regarding their financial positions, operational performance and ongoing reform initiatives.
TOR’s efforts to restructure its debt and secure fresh investment come amid broader attempts to strengthen the refinery’s financial stability and improve its capacity to operate sustainably.
A potential listing on the Ghana Stock Exchange would place the refinery among companies seeking to access capital market funding to support business expansion, infrastructure rehabilitation and long-term growth.
Source: newsthemegh.com