Ghana Happy Over Dangote Refinery, Says Import Would Reduce

Ghana Happy Over Dangote Refinery, Says Import Would Reduce

  • Ghana is depending on the coming on board of the Dangote Refinery would ease the country's energy problem
  • The CEO of Ghana's petroleum regulatory body, the National Petroleum Authority, Mustapha Abdul-Hamid, disclosed this recently
  • According to him, the Dangote refinery would reduce imports from Europe and other countries

The high importation of petroleum products is affecting Ghana's energy supply due to the deregulation of the downstream sector.

The country has been a net exporter of crude oil since 2010 and is very vulnerable to volatile oil prices due to importation, mainly from Europe.

Dangote Refinery, Ghana, Petrol
President of Dangote Industries, Aliko Dangote Credit. Bloomberg/Contributor
Source: Getty Images

Refinery to Ghana's energy around

Business Insider report said that Ghana's Chief Executive Officer of the National Petroleum Authority (NPA) of Ghana, Mustapha Abdul-Hamid says the coming onstream of the Dangote Refinery would transform the downstream sector in Ghana.

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Abdul-Hamid said the 650,000 barrels per day refinery would turn the Ghanaian petroleum industry around by reducing the cost of imports.

Speaking at the 16th Trading and Logistics Expo in Lagos, Abdul-Hamid said the completion of the Dangote Refinery would boost the petrol supply to Ghana and the West African region.

Ghana building $60 billion petroleum hub

Abdul-Hamid also praised the decision by the Ghanaian government to build a $60 billion petroleum nucleus on a 20,000-acres of land in the western part of the country for storage and marine structures.

According to him, the project will help boost the petroleum nexus, which is made of refineries and petrochemical development of the continent's oil and gas resources, by connecting the downstream to the upstream.

Ghana's Cedi becomes worst currency in the world, exchanges for 11, 250 per dollar

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Will Africa's metals boom suffer the same curse as oil? reported that while Nigerians are crying over the shambolic performance of their local currency, the naira exchanging for N741 per dollar on Monday, October 17, 2022, their West African neighbour, Ghana's cedi, emerged as the worst-performing currency in the world.

Bloomberg reports that Ghana's cedi plummeted to become the world's worst-performing currency in 2022 as investors continue to pump foreign currencies into the country as it inches closer to a deal with the International Monetary Fund (IMF).

The cedi fell to as much as 3.3 per cent on Monday, October 17, 2023, to exchange for 11.2750 cedis per dollar as of Monday afternoon in the capital, Accra.


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