Ghanaian President Nana Akufo-Addo has inaugurated the construction of a 300,000 barrel-per-day oil refinery, aiming to transform the West African country into the region’s petroleum hub.
However, critics argued that the project is flawed and lacks a bankable business plan.
“The project promises to be a cornerstone of our nation’s development,” Akufo-Addo said on Monday at the project site in Jomoro, southwestern Ghana.
The refinery, which would also include petrochemical plants, is expected to be a major boost to Ghana’s economy.
The project, estimated to cost $12 billion, would 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. Phase one of the project is expected to be completed by 2036, with the goal of supplying enough refined and by-products to meet the region’s demand.
West Africa consumes around 800,000 barrels of oil per day, with almost 90% being imported. The petroleum hub aims to change this by becoming a major refining and distribution center for the region.
However, not everyone is convinced by the plan. Bright Simons, a vice president at Accra-based think tank IMANI Africa, expressed concerns about the project’s viability.
“The consortium behind the project is not primed for investment, and the project has no bankable business plan,” he said. “Our position is that this is a speculative attempt to grab a landbank for cheap.”
Some residents of the proposed 20,000-acre site have also protested the plans, demanding a reduction in the project’s footprint to 5,000 acres.
A senior partner at a law firm representing affected farmer cooperatives,
Oliver Barker-Vormawor, said that his clients would not back down.
“The abrasive manner that the government is proceeding discounts valid concerns around the social and environmental impact of the project, the livelihoods at risk by the displacement of farmers, and the unsettled questions of ownership and community land rights.”
Despite these criticisms, the Ghanaian government remains committed to the project, seeing it as a key driver of economic growth and development.
As the project progresses, it remains to be seen whether the benefits will outweigh the concerns raised by critics and local residents.
Boluwatife Enome
Follow us on:
Gbadebo Rhodes-Vivour has condemned the commercialisation of GMO seeds, warning of threats to Nigeria’s food…
Oleksandr Usyk has secured victory over Tyson Fury in Riyadh, successfully defending his heavyweight championship…
Albania plans a one-year TikTok ban from January after a schoolboy’s death sparks concerns over…
A suspect accused of killing five people by driving into a crowded Christmas market in…
A US Navy F/A-18 Hornet was mistakenly shot down over the Red Sea by the…
NNPC has reduced petrol ex-depot price to N899 per litre, sparking competition with Dangote Refinery…
View Comments
!!!!! GREETINGS!! GREETINGS
CLEAN TOKUNBO VEHICLE FOR SALE AT CHEAPER AFFORDABLE PRICE.OFFICER IN-CHARGE VIA O8O__6739__9O9O
*Bags of rice 50kg for sales in cheaper and affordable price #, 30,500 naira,delivery per bag #1,500
**Bales of Okirika Clothes 50kg for #35,000, 100kg for #70,000 and 150kg for #120,000
The replacement form is also available now is going on for interested Applicant should contact the officer on O8O__6739__9O9O
*SOME AVAILABLE TOKUNBO VEHICLES*
Golf 2,3,4 ₦350,000 - ₦450,000
Toyota Picnic ₦750,000.
Toyota Sienna ₦850,000
Toyota Camry 2.2 Tiny-Light ₦650,000
Toyota Camry Big-Daddy ₦1.5 million.
Toyota Camry Muscle =1.8 million,
Toyota Camry Spider ₦1.8 million,
Toyota Avelon ₦1.9 million,
Toyota Avensis ₦1.7 million,
Toyota Corolla ₦1.5 million
Toyota Yaris ₦1.5, million
Toyota Matrix ₦1.5, million
Toyota Venza ₦3 million
Toyota Rav4 ₦2.5 million
Toyota 4Runner ₦1.9 million
Toyota Hiace-Bus ₦3 million
Toyota Highlander ₦2.5, million
Toyota Land Cruiser ₦9 million
Toyota Tundra ₦9 million
Toyota Prado ₦7.5 million
Mercedes-Benz C-Class ₦1.5 million
Mercedes-Benz E-Class ₦1.7 million
Mercedes-Benz G-Class ₦2.5 million
Mercedes-Benz GLK ₦3.5 Million
Mercedes Benz ML350 ₦2.3 million
Mercedes Benz g-wagon ₦125 million
Nissan Altima ₦1.5 million
Nissan Armada ₦2.5 million
Nissan Maxima N1.5 million
Nissan Murano ₦3 million
Nissan Primera ₦1.5 million
Nissan Pathfinder ₦1.7 million
Honda Accord ₦1.5 million
Honda City ₦1.6 million
Honda Civic ₦1.5 million
Honda C-RV ₦1.5 million
Honda Crosstour ₦1.6 million
Honda Element ₦2.5 million
Honda Evilspirit ₦2.5 million
Honda Odyssey ₦2.5 million
Honda Pilot ₦1.7 million
NOTE : WE MAKE DELIVERY NATIONWIDE WE TO SERIOUS CUSTOMER'S ONLY, DELIVERY REQUIRES PAYMENT FOR COST OF DELIVERY, ROAD EXPENSES AND DOCUMENTATION FEE BEFORE DELIVERY TAKE PLACE. O8O__6739__9O9O