Ghana is making big moves on the oil front. President Nana Akufo-Addo just broke ground on a massive 300,000 barrel-per-day oil refinery that the government believes will turn the country into West Africa’s petroleum powerhouse.
Ghana, which you might know as the world’s second-largest cocoa producer, joined the oil game back in 2010. Right now, the country is pumping out about 132,000 barrels of crude oil a day and around 325 million standard cubic feet of natural gas. But with this new refinery, the stakes are about to get even higher.
Akufo-Addo wasn’t holding back when he talked about what this refinery could mean for Ghana. “The project promises to be a cornerstone of our nation’s development,” he said during a late-night ceremony in Jomoro, the southwestern city where the refinery is set to rise. This spot isn’t just getting a refinery, though—it’s also going to be home to petrochemical plants, making it a key piece of the region’s energy future.
Now, this project is no small change—it’s set to cost a whopping $12 billion. The cash and construction power are coming from a heavy-hitting squad that includes Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co. The president spilled all these details on state-owned Ghana Television (GTV).
Here’s the bigger picture: West Africa consumes about 800,000 barrels of oil per day, according to the African Refiners and Distributors Association, with nearly 90% of that oil being imported. The goal for this petroleum hub is to change the game by 2036, pumping out enough refined products to meet the region’s needs.
