Franklin Cudjoe, founding president of IMANI Africa, has credited Tema Oil Refinery (TOR) Managing Director Edmond Kombat and the current government for the refinery’s reported turnaround, accusing the previous New Patriotic Party (NPP) administration of leaving the state-owned facility in a deteriorated condition and attempting to sell it to cronies.
Cudjoe argued that the ongoing efforts to revive the refinery should be attributed to the current management and government, insisting that the previous administration played no meaningful role in the progress being made.
In a strongly worded statement, he said the refinery could have been sold as scrap under the previous government but for interventions by himself, Kofi Bentil and the Office of the Special Prosecutor (OSP).
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According to Cudjoe, his assessment of the refinery’s challenges followed a meeting with Kombat in November 2025, when the managing director invited him to learn about the measures being implemented to restore the fortunes of what he described as one of Ghana’s most mismanaged state institutions.
Reflecting on the engagement, Cudjoe recalled describing TOR as a debt-ridden institution burdened by demotivated staff and years of alleged financial mismanagement.
He cited an estimated $500 million debt burden, which he attributed largely to what he described as questionable financial transactions involving individuals connected to the previous administration. These allegations have not been independently established in the account provided.
Despite the challenges, Cudjoe said he saw signs of renewed commitment under Kombat’s leadership, particularly in efforts to restructure the refinery’s debts, generate savings and undertake rehabilitation works using internally generated funds.
He maintained that the management’s approach to restoring the facility, including efforts to avoid additional borrowing for the reported rehabilitation works, demonstrated a shift towards more financially disciplined operations.
Cudjoe also acknowledged the contribution of technical personnel at the refinery, saying their assessments provided further insight into the changes taking place. He singled out Nana Amoasi VII, Chief Executive Officer of the Institute for Energy Security, as one of the technically knowledgeable individuals supporting the turnaround efforts.
While acknowledging that he would previously have preferred the refinery to be transferred to competent private investors, Cudjoe said Kombat’s approach had given him reason to recognise the potential of the state-owned facility under effective leadership.
He said his advice to the managing director during their November 2025 meeting was to focus on building a lasting legacy through efficient and accountable leadership.
Cudjoe urged Kombat to ensure that his stewardship of the refinery would be remembered positively, cautioning against the reputational damage associated with the alleged looting of public resources.
His latest comments have renewed attention on TOR’s revival efforts and the broader debate about the management, financial sustainability and future of strategic state-owned enterprises in Ghana.
Concluding his remarks, Cudjoe directly addressed Kombat with the expression “TOASO”, a call widely understood in Ghanaian usage as an encouragement to keep going and sustain the momentum.
The comments place the spotlight on Kombat’s leadership as TOR seeks to overcome its longstanding financial and operational challenges and restore confidence in the refinery’s role in Ghana’s petroleum industry.
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Samuel Kwame Boadu is a Ghanaian entrepreneur, writer, and digital consultant passionate about creating impactful stories and business solutions. He is the Founder & CEO of SamBoad Business Group Ltd, a dynamic company with subsidiaries in digital marketing, logistics, publishing, and risk management.
