The government has reiterated its commitment to processing more of Ghana’s natural resources locally, insisting that exporting crude oil while importing finished petroleum products is no longer sustainable for the economy.
Addressing stakeholders at the arrival of the first Jubilee crude shipment at the Sentuo Oil Refinery, Energy and Green Transition Minister John Abdulai Jinapor described the development as a landmark moment in Ghana’s quest to capture greater value from its petroleum resources.
“This achievement certainly goes beyond a commercial transaction. It represents a deliberate national policy decision to deepen local value addition, strengthen energy security, promote industrialisation, and retain a greater share of the benefits derived from Ghana’s petroleum resources within our economy,” he said.
For decades, Ghana has exported crude oil and imported refined petroleum products, a model the government argues has deprived the country of jobs, technology transfer, and industrial growth.
“True economic transformation requires that we process, refine, and add value to our resources locally,” the Minister stressed.
He argued that local refining creates employment opportunities, strengthens domestic industries, and generates broader economic benefits across the petroleum value chain.
The Minister highlighted the growing role of Sentuo Oil Refinery in Ghana’s downstream sector, noting that the facility has completed an initial phase capable of processing 40,000 barrels per day and is preparing to begin work on a second phase that will increase capacity to 100,000 barrels daily.
“I am pleased to note that following the completion of the first phase in 2024, which processes 40,000 barrels, the refinery is gearing up to commence the construction and completion of the second phase,” he said.
Mr. Jinapor also revealed that the Tema Oil Refinery has already taken delivery of one million barrels of crude oil for processing, signalling renewed efforts to revive domestic refining.
“If these two refineries are processing at their peak, Ghana will no longer need to import crude oil. We’ll rather become an exporter when it comes to finished products,” he stated.
The Minister assured investors that the government remains committed to creating a business-friendly environment that supports investment and local value addition across the energy sector.
“Let me assure investors and industry players that the government remains committed to promoting policies that encourage investment, support local value addition, and strengthen collaboration across the entire value chain,” he added.
These developments form part of the Mahama administration’s broader strategy to transform Ghana from a producer of raw materials into a value-adding industrial economy anchored on domestic processing and manufacturing.
