President Akufo-Addo Inaugurates Sentuo Oil Refinery, Strengthening Ties with Chinese Investment

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On Friday, January 26, President Akufo-Addo took a significant step towards reducing Ghana’s reliance on imported oil by commissioning the Sentuo Oil Refinery. This Chinese-owned facility aims to contribute to the country’s refining capabilities, especially as the Tema Oil Refinery undergoes a comprehensive overhaul.

Highlighting the current dependency on imported petroleum products, President Akufo-Addo emphasized that approximately 97% of these products are brought into the country, leading to economic challenges such as high expenses and a continuous drain on foreign currency reserves.

The newly commissioned refinery is seen as a crucial initiative to address these issues by decreasing the heavy reliance on external sources.

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In a statement on his Facebook page following the commissioning, the president stated, “The establishment of this refinery signifies our commitment to reducing this dependence, achieving self-sufficiency, and driving the growth of our domestic petroleum industry.” He acknowledged that reducing import dependence not only fosters economic stability but also allows for better control of pricing and ensures a consistent supply of petroleum products.

President Akufo-Addo also reassured the public of the government’s dedication to revamping the Tema Oil Refinery. Despite the challenges faced by the indigenous refinery, he affirmed the government’s commitment to restoring its full operation.

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The president underscored the determination to bring both the Sentuo Oil Refinery and the Tema Oil Refinery online, enabling more of Ghana’s oil to be refined within the country’s borders, promoting self-sufficiency and bolstering the domestic petroleum industry.

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