Ghana’s President Nana Akufo-Addo has flagged off the construction of a 300,000 barrel-per-day refinery in Jomoro, a city in the southwest of the country. The project, which will also include petrochemical plants, will cost $12 billion to realize, with funding from a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co. The government hopes this project will transform Ghana into West Africa’s leading oil refining center, with plans to produce enough refined and by-products to supply the region’s needs by 2036. During the groundbreaking event, President Akufo-Addo stated that the petroleum hub has the potential to be a cornerstone of the nation’s economy. However, the project faces criticism. Bright Simons of IMANI Africa argues that the consortium lacks a solid investment strategy, while some local farmers, represented by Oliver Barker-Vormawor, oppose the 20,000-acre development, citing concerns over displacement, environmental impact, and land rights.
SOURCE: REUTERS
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