Mahama will ensure value addition to petroleum resources

Adding value to petroleum resources can bring several benefits to a country’s economy and society:

Job creation: Establishing refineries and other value-added processes for petroleum resources can create new job opportunities in various sectors, such as manufacturing, engineering, and research and development.

Increased revenue: By processing and refining petroleum resources locally, a country can generate more revenue from the sale of higher-value products, such as gasoline, diesel, and petrochemicals, rather than just exporting crude oil.

Economic diversification: Developing value-added processes for petroleum resources can help diversify a country’s economy, reducing its dependence on a single commodity and making it more resilient to fluctuations in global oil prices.

Technology transfer and innovation: Investing in research and development for value addition to petroleum resources can lead to the development of new technologies and innovations that can benefit other industries and sectors.

Energy security: By processing petroleum resources locally, a country can ensure a stable and secure supply of energy products for its domestic market, reducing its reliance on imported fuels.

Overall, adding value to petroleum resources can help a country maximise the benefits of its natural resources, create sustainable economic growth, and improve the well-being of its citizens.

H.E John Mahama, former president of Ghana and current presidential candidate of the National Democratic Congress, has promised to ensure value addition to the country’s petroleum resources if elected in the upcoming election.

Mahama has stated that he plans to resource the state-owned refinery, Tema Oil Refinery (TOR) to process crude oil locally, rather than exporting it in its raw form. This would create jobs and generate more revenue for the country, as well as reduce the country’s reliance on imported petroleum products.

Additionally, Mahama has pledged to invest in research and development to explore new ways to maximise the value of Ghana’s petroleum resources, such as developing new technologies for oil exploration and production.

Substantially, Mahama’s goal is to ensure that Ghana’s petroleum resources are used in a sustainable and beneficial way for the country’s economy and its people.

Anthony Obeng Afrane