Richard Abbey Jnr., CEO-Xodus Communications – organiser of the annual Ghana Oil & Gas Awards, has urged industry players to support the establishment of a petroleum hub in Ghana that seeks to make the country a central refining hub for the West African region.

“We call on stakeholders to support the initiative so that we can curb the depreciation of our currency and reduce imports of petroleum products. This action comes with political will, and we hope government and successive ones will align in that regard.

“Ghana imports in excess of US$100million of petroleum products. We cannot have oil and be poor. Indigenous investors should have an unwavering appetite for risk and take advantage of an energy economy which will see the construction of refineries, petrochemical plants, storage tanks and jetties with port infrastructures,” he said at the 2022 edition of the Ghana Oil & Gas awards that saw industry leaders honoured for their work in 2022.

In October 2020, government passed the Petroleum Hub Development Corporation bill, an initial step in the development of a refining and petrochemicals complex that will see Ghana become a central refining hub for the West African region. The development is set to provide a boost for local companies and allow Ghana to best take advantage of new regional trade opportunities.

Despite the growing excitement and enthusiasm about the project, which has potential to take advantage of the Africa Continental Free Trade Area (AfCFTA), Mr. Abbey urged government to avoid bureaucracies and adhere to championing local content – which will offer highly skilled jobs to Ghanaians.