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The Government of President Nana Addo Dankwa Akufo-Addo has a vision to develop and position Ghana as a Petroleum Hub for the West African sub-region, the Vice President of the Republic, Dr Mahamudu Bawumia, has announced.

The vision, which is one of Government’s strategic anchor initiatives, will also lead to the establishment of Ghana as Petrochemical hub to supply refined Petroleum products to meet the demands of the West African sub-region and eventually for the continent, and further develop Ghana’s Petroleum Downstream sub-sector, according to the Vice President.

The Vice President announced government’s intentions for the Petroleum sector when he gave the keynote address at the 2nd Edition of the Ghana International Petroleum Conference in Accra on Thursday 7th June, 2018.

Under the theme “Realizing the Vision of a Petroleum Hub”, the conference brings together industry leaders across the world to explore and discuss varied ideas and strategies that would ensure the achievement of Government’s vision.

Conference participants would also undertake a comprehensive review, after more than a decade of implementation, of the deregulation policy to determine if the intended objectives of the policy have been achieved.

“The Government of Ghana has a vision to develop Ghana as a hub for refined petroleum products for the West Africa sub-region and the continent. The concept of a ‘Petroleum Hub’ is one of Government’s strategic anchor initiatives that would serve as a new pillar of growth in the Ghanaian economy,” Dr Mahamudu Bawumia stated.

“The project will accelerate the growth of Ghana’s petroleum downstream sub-sector and make it a major player in the economy and consequently ensure development of sustainable value, wealth creation and the progress of industry.”