Ghana’s President Akufo-Addo has commissioned a Chinese-owned Sentuo oil refinery.
The oil refinery, according to the president, is to reduce Ghana’s reliance on oil imports. The commissioning of the oil refinery took place on Friday, Jan. 26.
According to the president, the operationalization of this refinery is a critical step in ensuring the security of the country’s shared energy future.
In a Facebook post, the president said that the country’s current use of petroleum products is imported to the tune of ninety-seven percent (97%). This makes Ghana heavily dependent on outside sources.
“It is essential to recognize that some ninety-seven percent (97%) of our current consumption of petroleum products is imported, resulting in a heavy reliance on external sources,” he wrote.
“This overreliance not only poses economic challenges such as high costs and the constant drain on our foreign currency reserves, but also limits our ability to control prices and ensure a stable supply. The establishment of this refinery signifies our commitment to reducing this dependence, achieving self-sufficiency, and driving the growth of our domestic petroleum industry,” Akufo-Addo said.
Akuffo-Addo in the Facebook post also assured the Ghanaian people of operationalizing the Tema Oil Refinery (TOR).
“The challenges of another domestic oil refinery, the Tema Oil Refinery, are well documented. Nonetheless, I want to assure the Ghanaian people that the government remains committed to the full operationalization of TOR, and we will stop at nothing to bring it back on stream so that, together with Sentuo, more and more of our oil will be refined right here in Ghana,” the president wrote in the post.