The Chief Executive Officer (CEO) of the Petroleum Hub Development Corporation, Charles Owusu, has announced that Ghana is gearing up to not only produce but also refine and sell crude oil as part of a broader strategy to boost the country’s economy.
Speaking at a media engagement on August 29, Mr. Owusu highlighted that while Ghana has traditionally been involved in crude oil production, the country now aims to expand its capabilities.
“You know Ghana, we produce crude oil but we don’t refine so this is going to build the midstream. We have the midstream, upstream and downstream so this is going to answer the question within the midstream. Ghana would become a vertically integrated oil and gas country meaning we are able to explore and produce and we are able to refine and then we sell.”
Mr. Owusu also emphasized that this effort aligns with the African Continental Free Trade Area (AfCFTA) agreement, positioning Ghana to become a key player in the export market.
“This feeds into our export strategy within the ECOWAS market and the broader continent. With the African Continental Free Trade Area, Ghana is poised to drive export-led growth by adding value to our resources.”
The Petroleum Hub Development Corporation is committed to adding value to Ghana’s resources and making the country’s market more export-driven, contributing to the overall objectives of AfCFTA, which include increasing socioeconomic development, reducing poverty, and enhancing Africa’s competitiveness in the global economy.
The AfCFTA, established in 2018, is the largest free trade area globally by the number of member states, with 43 parties and 11 signatories.
It aims to eliminate tariffs on most goods and services over a period of 5, 10, or 13 years, depending on the country’s level of development.
The agreement seeks to create a single, liberalized market, reduce barriers to capital and labor, develop regional infrastructure, and establish a continental customs union, all with the goal of making Africa a more competitive player in the global market.
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Ghana to produce, refine and sell crude oil – Petroleum Hub Development Corporation CEO
— TIG Post (@tigpost_) August 29, 2024
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