Minister of Trade and Industry, Alan Kyerematen has expressed confidence that the establishment of the Sentuo Oil Refinery Limited will dampen demand for foreign exchange meant for imports.
According to him, the operationalisation of the oil refinery will see an improvement in the Gross Domestic Product of the country and export regime.
He made this known in a Facebook post, following a working visit to the construction site which when completed will see a refinery of 5 million tons/per year.
“The project falls part of my Ministry’s Industrial Transformation Agenda in developing new Strategic Anchor Industries aimed at
diversifying the Ghanaian economy beyond Cocoa and Gold,” the Trade Minister wrote.
“The operationalization of this and many such companies are part of
efforts by the government to dampen the demand for foreign exchange for imports and grow our gross domestic product,” he added.
Meanwhile, Sentuo Oil Refinery Limited is located in the Tema Heavy Industrial Area.