Ghanaian President Nana Akufo-Addo has officially launched the construction of a 300,000 barrel-per-day oil refinery, positioning the country as a future key petroleum hub in West Africa.
The refinery, part of a larger petroleum hub project located in Jomoro, is set to be a significant development for Ghana, which began oil production in 2010 and currently produces about 132,000 barrels of crude oil per day.
The $12 billion project will be financed and built by a consortium including Touchstone Capital Group Holdings, UIC Energy Ghana, and Chinese firms China Wuhan Engineering Co. and China Construction Third Engineering Bureau Co.
The refinery aims to help meet West Africa’s demand for refined petroleum products, which is expected to reach 800,000 barrels per day by 2036.
However, the project has faced criticism and skepticism. Bright Simons of IMANI Africa has raised concerns about the viability of the consortium’s business plan, calling it speculative.
Additionally, local residents have protested the 20,000-acre land allocation, demanding it be reduced to 5,000 acres.
Despite these concerns, the government remains committed to moving forward with the petroleum hub project. President Akufo-Addo emphasized the project’s potential as a cornerstone for Ghana’s development during the launch.
Get instant and latest news updates via Our WhatsApp Community or Google News online channel.
