Ghana: Africans Told To Build Refineries, Logistical Assets To Spur Economic Transformation

Ghana’s Vice President, Dr. Mahamudu Bawumia says it’s about time Africans cooperated in the development of regional assets, including establishing refineries and logistical assets.

“We should cooperate in the development of regional assets, including refineries and logistical assets to achieve economies of scale required for commercial viability,” Dr. Bawumia said while delivering a speech as a Special Guest of Honour at the opening of this year’s edition of Ghana International Petroleum Conference (GhIPCON) which went virtual.

The West African nation’s second most important personality noted that the establishment refineries and logistical assets will help the continent to be self-sufficient in such events when national oil companies may not be able to meet the demand of the continent.

He stressed the need for Africans to look within and do business with one another, saying: “We trade about 85 percent with the world but just 15 percent with one another on the continent.

“This situation must change if we are truly committed to Africa’s economic transformation,” he suggested.

Dr. Bawumia said “the outbreak of Covid-19 and the protectionists’ initiatives by the major suppliers to Africa is a wakeup call for African nations to collaborate in building a self-sustaining continent.

“Sometimes, national oil producing companies could not meet the large volumes, but if we collaborate as sector players, there will be a possibility of supplying to the continent,” he said.

The Ghana International Petroleum Conference (GhIPCON) is Ghana’s foremost Petroleum Downstream Conference spearheaded by Chamber of Bulk Oil Distributors, where policy makers, industry operatives and experts converge to deliberate on issues of policy and operations as well as share ideas and experiences.

The Secretary General of the African Continental Free Trade Area Secretariat, Wamkele Mene said he’s optimistic that the various plans put in place by the African Union to move industrialization to the next level will support major transformation in the petroleum sector of Africa.

Source:www.energynewsafrica.com