The government of Ghana is contemplating hedging the price of importing crude oil as crude prices tick up gradually in the global market, Finance Minister Ken Ofori-Atta said here on Tuesday.

According to him, as part of its regular analysis, the government has been looking at an enterprise risk portfolio and trying to do and to determine how to save money.

“It is possible (to hedge) because the prices are going back up,” said the minister.

“For us when you see the Exxons (ExxonMobil) coming in then it means our production is also going to go up. But more importantly the Ministry of Energy is talking about reducing our energy mix so that we depend more on Renewable than on fuel so that is an effective hedge as we move towards solar and renewable. So the energy issue is being looked at,” Ofori-Atta explained.

The minister said the intention to make Ghana a petroleum hub was still on the table for which reason the state owned Tema Oil Refinery (TOR) was being retooled.

TOR was refurbished and provided with an increased capacity to refine 45,000 barrels per day but a fire incident in 2017 destroyed part of the equipment reducing the capacity to 2,500 barrels per day.

“But that is being restored and we expect TOR to be back in good operation from. We are even thinking about increasing that capacity to about 60,000 barrels. Also there was a trip to Asia to look at Ghana as a petroleum hub. For us, it is how to position the country as a hub in many things is being thought of,” Ofori-Atta added.

The minister expressed confidence in the management of the oil refinery to bring it back on production and sustain a growth in their activities.