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 scale back dependence on imported refined petroleum merchandise.
He mentioned a cargo of crude oil from Ghana’s offshore oil fields can be handed over to TOR for processing in June, describing the transfer as a return to initiatives launched through the earlier authorities.
Talking at a Diaspora City Corridor assembly in London on Sunday (31 Could 2026), President Mahama mentioned Ghana must derive higher advantages from its pure sources by processing them domestically.
“We try to make historical past once more. We achieved it in my first time period, however we didn’t proceed after I left workplace. We’re about to begin refining crude oil. In June, we’ll transport Ghanaian crude from our fields to the Tema refinery for processing,” he mentioned.
He mentioned Ghana continues to export uncooked supplies reminiscent of gold, bauxite and manganese for processing abroad, however completed merchandise are imported at excessive price.
“We course of manganese, bauxite, gold, all the pieces, after which we ship it off for another person to course of. In that processing, we create jobs in that different particular person’s financial system. And the merchandise we ship the ore abroad are processed into completed merchandise, and people completed merchandise are exported to us,” he mentioned.
power sector
President Mahama mentioned his administration inherited an power sector debt estimated at US$1.5 billion upon taking workplace.
He mentioned a $500 million World Financial institution partial danger assure masking funds to Italian power firm ENI and its companions for fuel provided from the Sankofa subject was depleted earlier than he took workplace.
President Mahama mentioned 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 was all the way down to zero. Now, with the efforts of the Minister of Power and the Minister of Finance, we’ve absolutely restored the World Financial institution assure to US$500 million. Consequently, we’ve additionally expanded the quantity of fuel they supply us, which we use to generate electrical energy,” he mentioned.
investing in oil and fuel
The President additionally introduced new funding commitments from present companions in Ghana’s upstream oil sector.
He mentioned the companions within the Jubilee subject have agreed to take a position US$2 billion in drilling extra wells to extend oil and fuel manufacturing, and ENI will make investments an additional US$1.5 billion within the Cape Three Factors Offshore (OCTP) mission.
He mentioned, “Jubilee Companions and we’ve signed an settlement to take a position an extra $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 an extra $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 unbiased energy producers (IPPs), saying the federal government had refinanced an estimated $1.5 billion in debt and set a cost schedule.
“We refinanced that debt, gave them a cost plan and made all of the funds. They’re additionally glad and producing energy and our energy sector is steady,” he mentioned.
