Ghanaian President Nana Akufo-Addo has launched the construction of a 300,000-barrel-per-day oil refinery, positioning Ghana to become a leading petroleum hub in the region.
Despite this ambitious goal, the project has faced criticism regarding potential shortcomings.
Since becoming an oil producer in 2010, Ghana, the world’s second-largest cocoa producer, has seen its crude oil output reach approximately 132,000 barrels per day (bpd) and its natural gas production around 325 million standard cubic feet per day.
President Akufo-Addo described the refinery as a pivotal element of the nation’s development during a recent visit to the project site in Jomoro, located in southwestern Ghana. The refinery will also include petrochemical plants.
The first phase of the project, estimated to cost $12 billion, will be funded and constructed by a consortium comprising Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co., as reported on state-owned Ghana Television (GTV).
West Africa’s daily oil consumption stands at approximately 800,000 barrels, with nearly 90% of this being imported, according to the African Refiners and Distributors Association.
The new petroleum hub aims to produce enough refined products and by-products to meet the region’s demand by 2036, as outlined in a June 2018 agreement.
