Pursuant to the Public Financial Management Act, 2016 (Act 921), Section 7(2), the Managing Director of Tema Oil Refinery (TOR) Ltd., Mr. Edmond Kombat, Esq., on 25th August 2025, inaugurated and swore into office the 14-member Enterprise Risk Management Committee of TOR.
In his address, the Managing Director emphasized the importance of Section 90 of Act 921, which underscores the role of the governing body of a public corporation in ensuring prudent management of resources and operational efficiency. The section mandates that: Policies, Procedures, Risk management and internal control systems, and Governance and management practices
be established and maintained by state-owned enterprises in line with their objectives.
Mr. Kombat administered both the Oath of Office and the Oath of Secrecy to committee members. He reminded them of their duty to handle information responsibly, stressing that any breach of the oath would constitute a violation of the trust and responsibility bestowed upon them.
The fourteen (14) member Committee, headed by its Chairman, is tasked with delivering: Risk Charter, Risk Register, and comprehensive Risk Policy
to guide TOR’s enterprise risk management framework.
In addition, the General Manager for Health, Safety, Security and Environment (HSSE) has been appointed as the Risk Champion to the Committee, providing leadership and technical direction in embedding risk management practices across the refinery.
As TOR continues on its journey of revival and progress under the theme “Transparency, Optimization & Resetting,” management is laying the foundation for sound corporate governance and best practices. Leadership remains focused, purposeful, and aligned with the President’s vision of resetting Ghana’s economy.
TOR reiterates its commitment to restoring operations, supporting economic growth, and contributing to foreign exchange earnings. The refinery remains open to partnerships and investment opportunities across both the downstream and upstream petroleum sectors.
