Tema oil refinery to process Ghanaian crude in June 2026 - Mahama

President John Dramani Mahama has announced that the Tema Oil Refinery (TOR) will begin processing Ghana’s own crude oil in June 2026, marking a major step toward local value addition and reduced dependence on imported refined petroleum products.

Speaking at a diaspora town hall meeting in London on Sunday, May 31, 2026, the President said the initiative is part of efforts to ensure Ghana derives maximum benefit from its natural resources by processing them domestically rather than exporting raw materials.

He explained that a shipment of crude oil from Ghana’s offshore fields will be delivered to TOR in June for refining, describing the move as a revival of an earlier policy implemented during his previous administration.

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President Mahama noted that Ghana continues to export raw resources such as gold, bauxite, and manganese, only to import finished goods at higher cost, a practice he said limits job creation and economic growth within the country.

In the energy sector, he revealed that the government inherited an estimated US$1.5 billion debt when it assumed office, alongside challenges linked to depleted financial guarantees for gas supply arrangements.

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He also mentioned that a US$500 million World Bank Partial Risk Guarantee, which helps pay ENI and its partners for gas from the Sankofa Field, has been fully restored thanks to the teamwork of the Ministries of Energy and Finance.

According to him, this restoration has strengthened Ghana’s gas supply arrangements and improved power generation stability across the country.

In addition, President Mahama announced new investment commitments in the upstream petroleum sector, including a US$2 billion investment by Jubilee Field partners for additional offshore drilling to boost oil and gas production.

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He also confirmed that ENI will invest a further US$1.5 billion in the Offshore Cape Three Points (OCTP) project to expand output.

Touching on the power sector, the president said the government has refinanced approximately US$1.5 billion in debts owed to independent power producers (IPPs) and established structured repayment plans to ensure stability in electricity supply.

He added that consistent payments have helped stabilize the energy sector, improve investor confidence, and support reliable power generation nationwide.