The President of the Republic, Nana Addo Dankwa Akufo-Addo, has in line with government’s robust industrialization agenda, commissioned the Sentuo Oil Refinery Limited, on Thursday, 26th January, 2024 in Tema.
The operationalisation of the two million barrels per annum refinery is a pivotal step towards securing Ghana’s collective energy future, and represents yet another important demonstration of the co-operation between the public and private sectors, one of which has enabled the materialization of this investment.
Speaking at the event, President Nana Akufo-Addo, said, the project, which is scalable to five million barrels per year, upon completion of the second phase, represents not just brick and mortar, but a symbol of our determination to shape our destiny, strengthen our economy, reduce our dependence on foreign oil, and inspire investment in our economy. It stands as a testament to the power of innovation.
Acknowledging the effort of the Chinese promoter, he said, Mr. Xu Ning Quan’s collective effort, for the past fifteen years, has not just culminated in the strengthening of the industrialisation agenda of government with the setting up of the refinery, but also with the Febraury 2018 commissioning of the Fujian Sentuo Ceramic Company Limited, a ceramic tile production company working under the 1-District-1-Factory policy, located in Kpone, Greater Accra Region.
With the tile company currently producing, forty-five million square metres of tiles per annum, he added that, these are “good examples of the excellent relations that the Republic of Ghana enjoys with the People’s Republic of China.”
Aside providing a stable supply of petroleum products, creating jobs to empower local communities and driving investment in related industries as part of the broader industrialization agenda, he said the setting up of the refinery will ensure that with all on stream, the country will no longer be solely reliant on external sources for fuel but will harness all natural resources to fuel the nation’s progress.
“By processing our crude oil domestically, we are creating opportunities to add value, transform raw materials into finished products, and increase the competitiveness of our manufacturing sector. This refinery stands as a good example of our “Ghana made” (Made-In-Ghana) initiative, where we prioritise local production for the benefit of Ghanaians,” he emphasized.
President Akufo-Addo explains further that, the project highlights the significant role of the petroleum industry in the country’s economic development. The petroleum industry is a catalyst for innovation, job creation, and technological advancement. By investing in this sector, we pave the way for the development of a robust industrial revolution that will support various sectors, including agriculture, pharmaceuticals, manufacturing, and construction.
He bemoaned the prevalent situation where ninety-seven percent of our current consumption of petroleum products is imported, resulting in a heavy reliance on external sources.
“This over-reliance not only poses economic challenges such as high cost, and the constant drain on our foreign currency reserves, but also limits our ability to control prices and ensure a stable supply”, he added.
That is why, “the establishment of this refinery signifies our commitment to reducing this dependence, achieving self-sufficiency, and driving the growth of our domestic petroleum industry.”
Touching on the prospects of the Tema Oil Refinery, he assured the people of government’s unflinching commitment to the full operationalization of TOR, saying “we will stop at nothing to bring it back on stream so that, together with Sentuo, more and more of our oil will be refined right here in Ghana.”
