The Ghanaian government is actively pursuing fuel imports from Nigeria’s new Dangote Refinery, aiming to secure a more affordable supply for its local market.
“This could end monthly fuel imports from Europe of $400 million,” Abdul-Hamid said.
“If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria, and I believe that will bring down our prices,” Abdul Hamid added.
Abdul-Hamid noted that importing from Nigeria would eliminate high transportation costs currently factored into European imports.
“The reduction in freight expenses would help bring down the prices of various goods, positively impacting Ghana’s broader economy,” he added.
Looking further ahead, Abdul-Hamid expressed optimism about deeper regional cooperation, including the establishment of a common currency to reduce reliance on the US dollar for trade within Africa.
Abdul-Hamid stated that this currency could simplify transactions across Africa, aid in stabilizing fuel prices, and lessen reliance on expensive foreign exchange.
