President John Dramani Mahama officially broke ground on Thursday for the Phase 2 expansion of the Sentuo Oil Refinery in Tema, underscoring Ghana’s transition from a raw commodity exporter to a value-added industrial economy.
The ceremony followed the delivery of the first-ever Jubilee crude oil for local refining at the facility, highlighting the refinery’s expected capacity increase from 40,000 to 100,000 barrels per day (bpd) upon completion of Phase 2.
Speaking at the event, President Mahama described the expansion as a cornerstone of the government’s programme for economic renewal and a key step in its wider economic agenda.
“This expansion is not merely an investment in infrastructure; it is an investment in Ghana’s future,” the President stated. “By increasing domestic refining capacity, we reduce our dependence on imported petroleum products, strengthen our fuel supply chains, and retain more value within our economy.”
The President noted that, despite global energy volatility and geopolitical tensions, Ghana is successfully restoring macroeconomic stability. He credited ongoing reforms and strict fiscal discipline over the past 18 months for the return of investor confidence.
Mr Xu Ningquan, Executive Chairman of the Sentuo Group, lauded the President’s 24-Hour Economy vision, noting that it has strengthened Ghana’s reputation as a top-tier investment destination.
“We are not simply cutting sod for an industrial project; we are laying a foundation stone for Ghana’s future,” Mr Ningquan said. He added that the project will support thousands of jobs, improve foreign-exchange retention, and enhance Ghana’s competitiveness in the Sahel and West Africa.
The ceremony was attended by the Minister for Energy, John Abdulai Jinapor; the Minister for Trade, Elizabeth Ofosu Agyare; and various industry stakeholders and business leaders.