President Nana Akufo-Addo of Ghana has flagged-off the country’s construction of a 300,000 barrel-per-day petroleum refinery, the gigantic energy project is aimed to target the west African downstream petroleum products business. Though the project has been criticized by energy stakeholders as a significant flaw.

Ghana has entered into global energy scene as the one of the region oil producers in 2010 is currently producing about 132,000 bpd of crude oil and 325 million standard cubic feet per day of natural gas.

President Akufo-Addo has said at the site of the project which will also include petrochemical plants situated in the southwestern city of Jomoro: “The project promises to be a cornerstone of our nation’s development.”

 According to the President, the phase one of the project, estimated to cost $12 billion, will be funded and constructed by a consortium of Touchstone Capital Group Holdings, UIC Energy Ghana, China Wuhan Engineering Co., and China Construction Third Engineering Bureau Co., he said on state-owned Ghana Television (GTV).

West Africa’s oil consumption stands at around 800,000 barrels per day, with nearly 90% being imported, according to the African Refiners and Distributors Association. The petroleum hub is designed to produce sufficient refined products and by-products to meet the region’s demand by 2036, as outlined in a June 2018 agreement.