Tema Oil Refinery MD to Spotlight Ghana’s Energy Growth at Accra Briefing

The Invest in African Energies: Accra Investor Briefing will be instrumental in fostering investor confidence and unlocking capital flows ahead of AEW 2025.

Dr. Yussif Sulemana, Managing Director of the Tema Oil Refinery (TOR), is set to participate in the Invest in African Energies: Accra Investor Briefing, scheduled for April 14, 2025, at the Kempinski Hotel in Accra. The event, organized by the African Energy Chamber, will gather high-level stakeholders from across Ghana’s energy value chain and serve as a strategic lead-in to the prestigious African Energy Week (AEW): Invest in African Energies conference, taking place in Cape Town from September 29 to October 3, 2025.

This Accra-based investor briefing will shine a spotlight on Ghana’s fast-evolving energy sector, examining emerging investment opportunities in upstream exploration, regulatory reforms, infrastructure development, and energy transition. With over 17 oil and gas projects expected to launch by 2027, Ghana is poised for a significant surge in crude oil and gas production—making the country one of West Africa’s most promising energy markets.

Dr. Sulemana’s involvement underscores TOR’s commitment to expanding operational efficiency and securing energy independence for Ghana. Appointed as Managing Director in 2023, he has made revitalizing the country’s sole oil refinery a top priority, seeking to address technical limitations, modernize infrastructure, and realign the refinery’s strategic focus with national and continental energy goals.

TOR’s Strategic Revival and Role in National Energy Security

Founded in 1963, the Tema Oil Refinery stands as Ghana’s flagship refining institution. It currently holds the largest crude oil storage capacity in the country, with 59 tanks accommodating up to 1.9 million barrels—representing 44% of Ghana’s national storage. TOR is the exclusive producer of premix fuel in Ghana and operates the nation’s largest LPG storage facility, further establishing its critical role in the downstream petroleum sector.

As the refinery undergoes efforts to return to full operational status, it is seeking an estimated $25 million in investment to support the maintenance and reactivation of a key processing unit within its crude distillation system. This upgrade is pivotal for restoring output efficiency and reinforcing TOR’s role in national fuel supply and regional energy security.

According to Dr. Sulemana, “This isn’t just about revitalizing TOR—it’s about reaffirming Ghana’s sovereignty over its energy future. A fully operational refinery enables us to reduce fuel imports, stabilize domestic fuel prices, and meet the growing demand across West Africa.”

A Sector on the Rise: Ghana’s Oil and Gas Potential

Ghana’s energy sector is at a turning point. With proven reserves exceeding 1.1 billion barrels of crude oil and 2.1 trillion cubic feet of natural gas, the country is actively courting international investors to accelerate upstream exploration and downstream development.

Major projects such as the Jubilee, TEN (Tweneboa, Enyenra, Ntomme), and Sankofa fields are central to this next wave of growth. These fields not only bolster crude output but also expand Ghana’s domestic gas supply for power generation and industrial use. The government’s energy strategy, complemented by reforms and regulatory clarity, is designed to create a favorable investment climate and maximize the economic benefits of resource extraction.

Dr. Sulemana has emphasized the importance of synergy across sectors, stating, “Operational excellence at TOR will rely heavily on collaboration—with regulators, with investors, and with our upstream and downstream partners. The Accra Briefing offers a unique platform to build these relationships.”

Institutional Reforms and Capacity Building

Recent efforts to align TOR’s internal operations with international standards have already begun to yield positive momentum. In Q1 2025, the National Petroleum Authority (NPA) conducted a comprehensive audit of the facility, highlighting areas for performance improvement and safety optimization. Concurrently, TOR’s Finance and Audit department underwent a transformative training program led by KPMG, focusing on modernizing internal controls and audit processes.

These capacity-building measures are part of a broader corporate governance overhaul aimed at enhancing transparency, financial integrity, and long-term sustainability.

NJ Ayuk, Executive Chairman of the African Energy Chamber, praised TOR’s strategic direction, noting, “As one of the first eight refineries built in Africa and Ghana’s premier refining asset, TOR is an institution of immense national value. The steps being taken under Dr. Sulemana’s leadership demonstrate a bold and clear vision for the future.”

The Road to AEW 2025: Laying the Groundwork for Deals

The Invest in African Energies: Accra Investor Briefing will be instrumental in fostering investor confidence and unlocking capital flows ahead of AEW 2025. It is expected to catalyze discussions around project financing, joint ventures, and public-private partnerships across Ghana’s energy sector.

Bringing together stakeholders from across upstream, midstream, and downstream segments, the event is poised to address pressing industry challenges—including refinery rehabilitation, fuel security, distribution logistics, and cross-border trade.

The ultimate goal is to reinforce Ghana’s position as a regional energy hub while ensuring reliable, affordable fuel access for its citizens and neighboring countries.