In a historic development for Ghana’s energy landscape, President Nana Addo Dankwa Akufo-Addo officially commissioned the country’s inaugural private-owned oil refinery on Friday. Constructed by the Sentuo Group, a prominent Chinese conglomerate, the $2 billion Sentuo Oil Refinery, located in the Tema Industrial Area near Accra, boasts an initial processing capacity of 40,000 barrels per day, with plans to scale up to 100,000 barrels when fully operational later this year.
During the colorful inauguration ceremony, President Akufo-Addo hailed the refinery as a significant milestone in Ghana’s pursuit of energy independence, industrialization, and economic prosperity. He expressed optimism that this venture would mark a crucial step towards reducing Ghana’s reliance on foreign oil for its energy needs.
“This project represents not just the bricks 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,” remarked President Akufo-Addo.
The President emphasized the strategic importance of local production, envisioning a future where Ghana harnesses its natural resources to meet its energy demands. He highlighted the multifaceted benefits of the refinery, including job creation, empowerment of local communities, increased investment in related industries, and support for Ghana’s broader industrialization agenda.
By processing crude oil domestically, Ghana aims to add value to its resources, transform raw materials into finished products, and enhance the competitiveness of its manufacturing sector. President Akufo-Addo underscored the refinery as a prime example of the “Ghana-made initiative,” prioritizing local production for the benefit of its citizens.
Expressing concern over Ghana’s heavy dependence on imported petroleum products, President Akufo-Addo affirmed the government’s commitment to reviving the Tema Oil Refinery and reducing the country’s reliance on external sources.
Xu Ning Quan, the executive chairman of the Sentuo Group, expressed gratitude for the government’s support in creating a conducive environment for the private sector. He emphasized the project’s significance in contributing to Ghana’s energy sustainability and efficiency.
The Sentuo Group, with a presence in Ghana since 2008, comprises various business sections and currently employs over 4,500 local workers, reflecting the fruitful collaboration between Ghana and China in the public-private sector partnership.
