{"id":211440,"date":"2024-08-20T16:22:09","date_gmt":"2024-08-20T16:22:09","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/08\/20\/ghana-begins-construction-of-12-billion-oil-refinery-for-regional-dominance\/"},"modified":"2024-08-20T16:22:09","modified_gmt":"2024-08-20T16:22:09","slug":"ghana-begins-construction-of-12-billion-oil-refinery-for-regional-dominance","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/08\/20\/ghana-begins-construction-of-12-billion-oil-refinery-for-regional-dominance\/","title":{"rendered":"Ghana begins construction of $12 billion oil refinery for regional dominance"},"content":{"rendered":"<p><\/p>\n<div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        Ghanaian President Nana Akufo-Addo has officially launched the construction of a 300,000 barrel-per-day oil refinery, which will position Ghana as a key petroleum hub in the region.\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        However, critics have raised concerns about potential flaws in the project. Ghana, known as the world\u2019s second-largest cocoa producer, began producing oil in 2010 and currently outputs about 132,000 barrels of crude oil per day along with 325 million standard cubic feet of natural gas daily, Reuters reported.\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        &#8220;The project promises to be a cornerstone of our nation&#8217;s development,&#8221; Akufo-Addo said late on Monday at the site of the project in the southwestern city of Jomoro, which will also include petrochemical plants.\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        Phase one of the project, with an estimated cost of $12 billion, will be financed and constructed by a consortium including Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co.\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        West Africa consumes about 800,000 barrels of oil per day, with nearly 90% of that being imported, according to the African Refiners and Distributors Association. Ghana&#8217;s petroleum hub project aims to meet the region&#8217;s demand for refined products and by-products by 2036, as outlined in an agreement signed in June 2018.\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        However, not everyone is convinced by the project. Bright Simons, a vice president at the Accra-based think tank IMANI Africa, expressed scepticism, stating that the consortium behind the refinery &#8220;is not primed for investment and the project lacks a bankable business plan.&#8221;\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        &#8220;Our position is that this is a speculative attempt to grab a landbank for cheap,&#8221; he said.\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        Some residents of the proposed 20,000-acre site for Ghana&#8217;s petroleum hub have voiced strong opposition, protesting the plans and demanding that the project&#8217;s footprint be reduced to 5,000 acres.\n    <\/p>\n<\/p><\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>    <!-- paragraph: supported --><\/p>\n<p>\n        Despite the opposition, authorities remain committed to moving forward with the current plans for the petroleum hub.\n    <\/p>\n<\/p><\/div>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Ghanaian President Nana Akufo-Addo has officially launched the construction of a 300,000 barrel-per-day oil refinery, which will position Ghana as a key petroleum hub in the region. However, critics have raised concerns about potential flaws in the project. Ghana, known as the world\u2019s second-largest cocoa producer, began producing oil in 2010 and currently outputs about [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":211441,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-211440","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Ghana begins construction of $12 billion oil refinery for regional dominance - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/08\/20\/ghana-begins-construction-of-12-billion-oil-refinery-for-regional-dominance\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Ghana begins construction of $12 billion oil refinery for regional dominance - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Ghanaian President Nana Akufo-Addo has officially launched the construction of a 300,000 barrel-per-day oil refinery, which will position Ghana as a key petroleum hub in the region. 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