Ghana has begun constructing a 300,000 barrels per day (bpd) crude oil refinery in Jomoro, southwestern Ghana, with the aim of becoming a major petroleum producer in West Africa.
Gatekeepers News reports that the $12 billion project, funded and constructed by a consortium of organizations, is expected to be developed in three phases.
President Nana Akufo-Addo, speaking at the groundbreaking ceremony, emphasised the project’s significance: “This project promises to be a cornerstone of our nation’s development, ensuring that all Ghanaian homes and industries have access to reliable, affordable, and environmentally sustainable energy.”
However, Bright Simons, vice-president at IMANI Africa, expressed skepticism: “The consortium behind the project is not primed for investment, and the project has no bankable business plan… Our position is that this is a speculative attempt to grab a landbank for cheap.”
The refinery aims to supply the region with refined and by-products by 2036, according to an agreement signed in June 2018.
West Africa currently consumes about 800,000 bpd, with almost 90% being imported.
