President John Dramani Mahama has announced a major breakthrough in Ghana’s industrialisation agenda, revealing that the country will soon begin refining its own crude oil locally as part of efforts to create jobs, strengthen manufacturing, and retain more value within the economy.

Addressing Ghanaians, investors, and business leaders at the Ghana Diaspora Town Hall Meeting in London on May 31, 2026, President Mahama outlined his administration’s vision of transforming Ghana from an exporter of raw materials into a modern industrial economy driven by value addition and local production.

The President disclosed that Ghana is expanding offshore oil and gas production while building domestic capacity to process more of its natural resources.

President Mahama urges audit offenders to refund state funds or face jail

He noted that the government has secured significant upstream investments, including a commitment of about US$1.5 billion from ENI in the Offshore Cape Three Points (OCTP) Field to boost oil and natural gas production.

However, President Mahama stressed that increasing production alone is insufficient.

“We are about to make history again. We did it during my first term, but after we left office it did not continue. In June, we will deliver a parcel of Ghanaian crude from our own oil fields to a refinery in Ghana for processing,” he announced.

The move is expected to reduce Ghana’s dependence on imported refined petroleum products and mark a significant step toward building a stronger domestic petroleum industry.

According to the President, Ghana has long exported crude oil while importing refined fuels at considerable cost, a model he said exports jobs, technology, and industrial growth to other countries.

“Normally we produce the oil and export it. Then we import finished petroleum products or import crude again to refine. That cycle must change,” he said.

President Mahama explained that local refining will help Ghana retain foreign exchange, strengthen local supply chains, stimulate industrial growth, and create thousands of direct and indirect jobs.

He added that the initiative forms part of a broader strategy to develop a fully integrated petroleum value chain, from extraction and refining to petrochemicals, manufacturing, and exports.

The President also called for greater value addition across the mining, agriculture, and manufacturing sectors, arguing that exporting raw materials limits economic growth and job creation.

“We must pursue value addition not only in oil and gas, but in mining, agriculture, manufacturing and every sector of our economy,” he stated.

The planned June delivery of Ghanaian crude to a local refinery is expected to boost Ghana’s industrialisation agenda, bolstering economic resilience and promoting sustainable growth.

MA