Mustapha Abdul-Hamid, Chairman of Ghana's National Petroleum Authority, revealed plans for Ghana to import petroleum products from Nigeria's Dangote Oil Refinery once it reaches full capacity.
Speaking at the OTL Africa Downstream Oil Conference in Lagos, Abdul-Hamid highlighted that this strategic shift aims to reduce Ghana’s $400 million monthly fuel imports from Europe, a move expected to strengthen regional trade and cut fuel import costs.
According to him, the move can also signal a significant cost reduction for Ghana and reinforce regional trade in Africa.
Mr Abdul-Hamid also noted that a future shared African currency might further diminish reliance on the U.S. dollar for such transactions, easing currency exchange pressures across African markets.
“If the refinery reaches 650,000 bpd a day capacity, all that volume cannot be consumed by Nigeria alone, so instead of us importing as we do right now from Rotterdam, it will be much easier for us to import from Nigeria and I believe that will bring down our prices,” Mr Abdul-Hamid explained.