Ghanaian President Nana Akufo-Addo has initiated the construction of a 300,000 barrel-per-day oil refinery, aiming to establish the country as the region’s petroleum hub. However, critics argue that the project has significant flaws.
Ghana, the world’s second-biggest cocoa producer, became an oil producer in 2010. Output is currently around 132,000 bpd of crude oil and about 325 million standard cubic feet per day of natural gas.
“The project promises to be a cornerstone of our nation’s development,” Akufo-Addo said late on Monday at the site of the project in the southwestern city of Jomoro, which will also include petrochemical plants.
Phase one of the project, estimated to cost $12 billion, will be funded and constructed by a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co., he said on state-owned Ghana Television (GTV).
West Africa’s oil consumption stands at around 800,000 barrels per day, with nearly 90% being imported, according to the African Refiners and Distributors Association. The petroleum hub is designed to produce sufficient refined products and by-products to meet the region’s demand by 2036, as outlined in a June 2018 agreement.
