The National Petroleum Authority of Ghana (NPAG) has announced its plans to begin importation of petroleum products from the Dangote Refinery, News About Nigeria reports.
Dr. Mustapha Abdul-Hamid, Chief Executive Officer (NPAG), disclosed this at the 2024 OTL Africa Downstream Energy Week on Tuesday in Lagos.
He noted that the aim of its government is to boost its energy security and sustain business cooperation with neighbours, adding that it will boost Ghana’s energy security and deepen regional economic cooperation.
According to Abdul-Hamid, Ghana is seeking an agreement with Dangote Refinery and reducing its reliance on more costly imports from Rotterdam.
He also revealed that Ghana has also expanded its export agreements to include Burkina Faso, Mali, and Niger, supplying international operational facilities, including U.S. military bases.
He further highlighted Ghana’s pipeline agreement with Burkina Faso as a model of effective regional cooperation to bolster petroleum supply and security, while calling for stronger regional partnerships.
He stressed the importance of a unified currency, enhanced infrastructure, and collaborative efforts to address West Africa’s energy challenges.
The chief executive officer called for resource sharing to drive economic stability, noting that no African nation could achieve sustainable growth in isolation.
He stated, “The Dangote Refinery, with its large-scale output, is expected to meet Nigeria’s domestic demand, enabling excess production to be exported to Ghana.
“Pooling human and infrastructure resources across the region can significantly strengthen our economies.”
Abdul-Hamid acknowledged that, while the African Continental Free Trade Area (AfCFTA) provided a platform for collaboration, foreign exchange (FX) issues hindered intra-regional trade.
“Heavy reliance on the U.S. dollar for petroleum imports places constant pressure on local currencies, raising prices and reducing purchasing power,” he added.
