The short-term target to achieve Ghana’s vision of becoming the petrochemical hub for the West African sub-region is unachievable, a senior state official said here Tuesday.
Isaac Osei, managing director of state-owned Tema Oil Refinery, said the vision should be a long-term one, and stakeholders should put in place proper measures to achieve it.
“It will not happen in the short term, so we must hasten slowly,” the official said during a panel discussion at the ongoing two-day Ghana Energy Summit 2019.
Since a petrochemical industry is highly technical and capital intensive, Osei urged stakeholders to start it in a gradual process, and look at the needs in the market at any given time.
He added: “We should not rush it. We should take it one step at a time, depending on the demand for the products that the hub will generate and also for the services that will come with it.”
The petrochemical hub idea is to establish a unit in the country to produce the basic needs of the petroleum industry in the sub-region.
In his message, Minister for Energy John Peter Amewu said it was of great necessity for Ghana to develop the petrochemical hub at this time.
“The absence of manufacturing units for basic needs compels indigenous companies to import raw materials at a higher cost for production, which eventually makes them uncompetitive,” he explained.
This year’s summit is under the theme “Harnessing Opportunities in Ghana’s Energy Sector – Making Local Participation a Reality”. Enditem