President Nana Addo Dankwa Akufo-Addo on Friday commissioned Ghana’s first private oil refinery built by the Sentuo Group, Ghana, a Chinese conglomerate, at the Tema Industrial Area, near Accra.
The two-million-dollar Sentuo Oil Refinery has an initial processing capacity of 40,000 barrels per day, scalable to 100,000 barrels when the facility is fully operational.
The facility is expected to be completed this year and would operate at a production capacity of five million barrels per year.
At a colourful ceremony, President Akufo-Addo said the development was a significant milestone in Ghana’s journey towards energy independence, industrialisation and economic prosperity.
“This project represents not just the brick and mortar but also a symbol of our determination to shape our destiny, strengthen our economy, reduce our dependence on foreign oil and inspire investment in our economy.”
The President, who was optimistic that Ghana would soon wean itself from the reliance on foreign fuel for the country’s energy needs, said the operation of the refinery would serve as the pivotal step towards securing the country’s energy future.
“No longer would we be relying on external sources for fuel, instead, we will harvest our natural resources to fuel our progress.”
President Akufo-Addo said the refinery would not only provide the country with petroleum products but also create jobs and empower local communities, drive investment in related industries and contribute to the overall realisation of Ghana’s broader industrialisation agenda.
“By processing our crude oil domestically, we are creating opportunities to add value, transform raw material into finished products and increase the competitiveness of our manufacturing sector,” he said.
The President said the refinery stood as a good example of “our Ghana made initiative, where we prioritize local production for the benefit of Ghanaians.”
It was also an indication of the good cooperation between the public and private sectors in the country, and investing in the sector would pave the way for a robust industrial revolution that will support various sectors, including agriculture, pharmaceuticals, manufacturing, and construction, he noted.
President Akufo-Addo was not happy that 95 per cent of Ghana’s current consumption of petroleum products was imported, resulting in heavy reliance on external sources.
“This over-reliance not only poses challenges such as high costs, and the constant drain on our foreign currency reserve, but also limits our ability to control prices and ensure 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.
President Akufo-Addo however gave the assurance that the Government would pull all stops to ensure that the Tema Oil Refinery, which has not been in operation for some time, becomes operational.
“We will stop at nothing to bring it back on stream sio that, together with Sentuo< more of our oil will be refined right here in Ghana,” he said.
Xu Ning Quan, the Executive Chairman of the Sentuo Group, said the development reflected the long-standing ties between China and Ghana and underscored what nations can achieve when the private sector are supported.
He thanked the government of Ghana for creating the conducive and enabling atmosphere for the private sector to thrive, saying the project would complement Ghana’s quest for energy sustainability and efficiency.
The Sentuo Group, which has been present in Ghana since 2008, currently comprises six business sections including Sentuo Steel Limited, Fujian Sentuo Ceramic Tile Company Limited, Habilass Resources Company Limited, Sentuo Resources Recycling Limited, Sentuo Oil Refinery Limited and Sentuo Building Materials Complex and now hires more than 4500 local employees.
GNA
KAS
26 Jan. 2024
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