Ghana plans to reduce its reliance on costly European fuel imports by purchasing petroleum products from Nigeria’s Dangote Oil Refinery once it reaches full operational capacity. At the OTL Africa Downstream oil conference in Lagos, Ghana’s National Petroleum Authority Chairman Mustapha Abdul-Hamid highlighted that importing fuel from Nigeria could help Ghana cut down on the $400 million it spends on fuel importation every month. According to him, this move will potentially lower domestic fuel prices and, by extension, the prices of goods and services across Ghana. The Dangote refinery, with a capacity of 650,000 barrels per day, is expected to operate near capacity by late 2024, reaching full capacity in early 2025. Abdul-Hamid also suggested that an eventual African common currency would lessen dependence on the US dollar, benefiting economies across the continent. Ghana’s growing economy, led by expansion in the extractive sector, has driven high demand for fuel.
SOURCE: REUTERS
