President Akufo-Addo on Friday, January 26, commissioned the Sentuo Oil Refinery in an initiative to reduce Ghana’s reliance on oil importation.
The operationalisation of the Chinese-owned Oil Refinery is also expected to complement the country’s refinery efforts while awaiting the absolute revamping of the Tema Oil Refinery.
President Akufo-Addo stated that about 97 percent of petroleum products are imported into the country and that this refinery will cut down on the large imports.
“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. 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,” the president wrote on his Facebook page after the commissioning.
He added that the government is committed to revamping the Tema Oil Refinery and that it will stop at nothing to ensure its operationalisation.
“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 onstream so that, together with Sentuo, more and more of our oil will be refined right here in Ghana.”
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