President Mahama Spearheads Industrial Revival with Tema Oil Refinery Expansion and Sweeping Cocoa Sector Reforms

1st August•2 min read•10 sources

President John Dramani Mahama has commissioned the refurbished Crude Distillation Unit (CDU) of the Tema Oil Refinery (TOR), signaling a decisive step toward industrial self-reliance and energy security. During the ceremony, the President revealed that the refinery has successfully processed one million barrels of locally produced crude oil, achieving this operational milestone without direct government financial intervention. To further bolster the facility, President Mahama directed the Minister for Energy and Green Transition, John Jinapor, to develop a strategic plan to increase TOR’s production capacity to 100,000 barrels per day. The President emphasized that the goal is to eliminate political interference and transform the refinery into a premier petroleum hub for West Africa, facilitating regional trade under the African Continental Free Trade Area (AfCFTA) while creating sustainable jobs.\n\nIn parallel with energy sector improvements, the administration is moving to modernize other vital state-owned assets. Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah, recently visited the Volta Aluminium Company (VALCO) to assure workers that the smelter is not for sale, despite rumors of privatization. While the government is seeking a strategic investor to provide the $700 million needed for equipment modernization and to address a $250 million debt, the Minister maintained that VALCO will remain a cornerstone of the national industrialization agenda. This commitment to state oversight has been met with calls for greater transparency from the Minority in Parliament, particularly regarding the transfer of the Damang Mine. Ranking Member Kwaku Ampratwum-Sarpong argued that the state should have leveraged the transfer to increase its equity from 10% to 30% to secure better long-term revenue for Ghanaians.\n\nFurthering the government’s value-addition strategy, Parliament has passed the landmark Ghana Cocoa Board Bill, 2026. This legislation aims to revolutionize the cocoa sector by shifting away from international syndicated loans toward a local funding model. The bill mandates that at least 50% of Ghana's cocoa be processed domestically and guarantees that farmers receive a minimum of 70% of the free-on-board (FOB) price. Combined with the President's new incentives for businesses operating 24-hour shifts, these reforms reflect a coordinated effort to transition Ghana from an exporter of raw materials to an industrial powerhouse. These developments collectively underscore a political focus on strengthening state enterprises and maximizing the national benefit from Ghana's natural resources.

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President Mahama Spearheads Industrial Revival with Tema Oil Refinery Expansion and Sweeping Cocoa Sector Reforms

More from politics

President Mahama and Vice President Opoku-Agyemang Drive Governance Agenda as Ghana Reports Significant Drop in Debt Servicing Costs

Minority Leader Afenyo-Markin Decries 'Intimidation' as NDC Majority Asserts Power in Parliament

President Mahama Champions 'Accra Reset' as Ghana Prepares for 2027 AU Chairmanship and Celebrates US Visa Ruling

National Lottery Authority Urges Staff to End Strike Over 17% Salary Increase Demand