Sentuo Oil Refinery to strengthen Ghana’s petroleum value chain – Trade Minister

The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, has hailed the first-ever delivery of Jubilee crude oil to the Sentuo Oil Refinery as a significant milestone in Ghana’s industrialisation drive and a major step towards strengthening the country’s petroleum value chain.

Speaking at the Jubilee crude oil berthing ceremony in Tema, the Minister described the development as a transformative moment that would enable Ghana to derive greater value from its natural resources by refining more of its crude oil locally, rather than exporting it and importing finished petroleum products at higher costs.

For more than 15 years, Ghana has exported crude oil to foreign markets only to import refined products at prices beyond its control. According to the Minister, the commencement of local refining using Ghanaian crude marks the beginning of a new chapter that will help reverse this trend and create more value within the domestic economy.

“Over the years, we have watched our crude leave our shores, contribute to the growth of other economies, and return to us as finished products at prices we could not control. Every time fuel prices increased, it was the ordinary Ghanaian who bore the burden. Today, that cycle begins to change as we work towards building the Ghana envisioned by President John Dramani Mahama,” she stated.

Mrs Ofosu-Adjare noted that the development aligns with government’s broader strategy of promoting import substitution and retaining more foreign exchange within the country. By refining crude oil locally, Ghana stands to reduce its dependence on imported petroleum products while creating jobs and expanding opportunities for local businesses.

She emphasised that the benefits of the refinery extend beyond fuel production, highlighting the potential growth of a vibrant ecosystem of local service providers, contractors, logistics operators and other businesses that support refinery operations.

“We are committed to helping build the local service ecosystem that will grow around this refinery. Ghana is not only interested in increasing exports; we are equally focused on import substitution because it enables us to retain our hard-earned foreign exchange and strengthen the domestic economy,” she said.

The Minister further stressed that local refining would deepen linkages across the petroleum value chain, stimulate industrial growth and enhance Ghana’s energy security. She added that the initiative demonstrates the country’s commitment to ensuring that its natural resources contribute more directly to national development.

“Ghana does not simply extract its wealth; Ghana builds with it,” she remarked.

Industry observers believe the processing of Jubilee crude at the Sentuo Oil Refinery could significantly improve value addition within the petroleum sector, reduce pressure on foreign exchange reserves and support broader economic transformation efforts.

The berthing ceremony marked the first delivery of crude oil from the Jubilee Field to the Sentuo Oil Refinery, a development widely regarded as a major milestone in Ghana’s quest to maximise the economic benefits of its oil resources through local processing and industrialisation.