President John Dramani Mahama has introduced that the Tema Refinery (TOR) will start processing Ghanaian crude oil in June 2026, as a part of efforts to extend native worth addition and cut back dependence on imported refined petroleum merchandise.
He stated a cargo of crude oil from Ghana’s offshore oil fields could be handed over to TOR for processing in June, describing the transfer as a return to initiatives launched throughout the earlier authorities.
Talking at a Diaspora City Corridor assembly in London on Sunday (31 Might 2026), President Mahama stated Ghana must derive better advantages from its pure sources by processing them domestically.
“We’re about to make historical past once more. We achieved that in my first time period, however we didn’t proceed after I left workplace. We’re about to begin refining our personal crude oil. In June, we will probably be transporting parcels of Ghanaian crude oil from our personal fields to the Tema refinery for processing,” he stated.
He stated Ghana continues to export uncooked supplies akin to gold, bauxite and manganese for processing abroad, however completed merchandise are imported at excessive price.
“We course of manganese, bauxite, gold, every thing, after which we ship it to different individuals to course of. In that processing, we create jobs of their economic system, after which the merchandise that we ship the ore abroad are processed into completed merchandise, and people completed merchandise are exported to us,” he stated.
vitality sector
President Mahama stated his administration inherited an vitality sector debt estimated at US$1.5 billion upon taking workplace.
He stated a $500 million World Financial institution partial threat assure overlaying funds to Italian vitality firm ENI and its companions for fuel provided from the Sankofa discipline was depleted earlier than he took workplace.
President Mahama stated the assure had since been absolutely restored because of actions taken by the Ministry of Power and the Ministry of Finance.
“Once we took over, the World Financial institution assure had been diminished to zero. Now, by the efforts of the Minister of Power and the Minister of Finance, we now have absolutely restored the World Financial institution assure to US$500 million. Consequently, we now have additionally expanded the quantity of fuel they provide us, which we use to generate electrical energy,” he stated.
investing in oil and fuel
The President additionally introduced new funding commitments from present companions in Ghana’s upstream oil sector.
He stated the companions within the Jubilee discipline have agreed to take a position US$2 billion in drilling further wells to extend oil and fuel manufacturing, and ENI will make investments an extra US$1.5 billion within the Cape Three Factors Offshore (OCTP) challenge.
He stated, “Jubilee Companions, we now have signed an settlement to take a position a further US$ 2 billion in drilling new wells offshore Ghana to extend the quantity of oil and fuel we produce. We now have additionally signed an settlement with ENI to take a position a further US$ 1.5 billion within the OCTP fields to extend the quantity of fuel and oil we produce.”
energy era firm
President Mahama touched on money owed owed to impartial energy producers (IPPs), saying the federal government had refinanced an estimated $1.5 billion in debt and set a cost schedule.
“We refinanced their debt, gave them a cost plan and made all of the funds. They’re joyful and producing energy, and our energy sector is secure,” he stated.
