Accra – Ghanaian President Nana Akufo-Addo on Monday officially launched the construction of a 300,000-barrel-per-day oil refinery, a cornerstone of the government’s plan to transform the country into a regional petroleum hub. The $12 billion project, located in the southwestern city of Jomoro, will also include petrochemical plants.
Ghana, an oil-producing nation since 2010, currently produces around 132,000 barrels of crude oil daily. The government aims to meet the region’s growing demand for refined products by 2036 through this ambitious project.
A consortium of international companies, including Touchstone Capital Group Holdings and Chinese firms, will fund and construct the refinery in the first phase.
However, not everyone is optimistic about the project. Critics, such as Bright Simons of the IMANI Africa think tank, question the consortium’s financial capacity and the feasibility of the business plan, labeling it a speculative land grab.
The local residents have also raised concerns about the project’s impact on their livelihoods, demanding a reduction in the proposed 20,000-acre land acquisition. Lawsuits have been filed to challenge the government’s plans, alleging disregard for social and environmental concerns.
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