The government of Ghana intends to restart the Tema oil refinery by the end of 2025
The government of Ghana intends to restart the Tema Oil Refinery (TOR) by the end of this year as part of President John Dramani Mahama’s program / Reset Ghana.
The “Africa 24 TV” website stated: The African News Agency said on Thursday that this process, which comes after a comprehensive restructuring, aims to reduce the country’s oil bill, estimated at about $10.2 billion annually, while stabilizing the national currency and enhancing foreign exchange reserves. He explained that this is a strategic project capable of meeting up to 60% of the country’s demand for crude oil.
Abdulrahman Coulibaly, an economic expert in Ghana, said: “President John Dramani Mahama inherited a difficult economic situation.” Accompanied by a severe inflationary shock, there is no doubt that these proactive economic measures will enable Ghana to achieve stability of its currency against global currencies.”
Coulibaly stated that this investment is today beneficial to Ghana in terms of job creation and economic investment opportunities, and this strategic direction will enable Ghana to diversify its sources of income beyond the mining sector.
According to the government, this initiative can cover up to 60% of the national demand for crude oil, and will also reduce imports. Refined products cost about $400 million per month, and the West African country’s annual import bill for petroleum products amounts to $10.2 billion.
The reopening of the Tema refinery represents a pivotal moment for the Ghanaian economy, as it combines energy security with reduced dependence on imports. However, the success of this process will depend on the reliability of private partnerships, the regularity of crude oil supplies, and careful management. For the refinery.
The Ghanaian authorities announced last October 19 that the Tema Oil Refinery (TOR) would resume crude refining operations before the end of last October in a step considered essential for reviving the government refinery that stopped working years ago and reducing the country’s dependence on fuel imports.
It is noteworthy that the “Tema” refinery, located east of the capital, Accra, faced accumulated problems of weak investments, high debts, and technical malfunctions, which led to It has been halted since 2021, and the government had previously canceled a partnership plan with the private sector due to transparency concerns.
Ghana, which has become an oil-producing country since 2011, produces between 145,000 to 160,000 barrels per day of crude, but it depends on importing most refined fuel products, and it is expected that the resumption of the work of the “Tema” refinery will represent The first local oil refining operation in about a decade.
Ghana began commercial oil production in 2010 from the “Jubilee” field. Which is managed by “Tolo Oil” company. British, in partnership with “Cosmos Energy” And "Petrosa" and the Ghana National Petroleum Corporation (GNPC), followed by the development of the TEN (Tuyinibwa-Enyenra-Ntumi) and Sankofa-Gyi Nyemi fields; This made the western coast near the city of Takoradi a major center for the Ghanaian oil industry.
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