(Ecofin Agency) - Ghana intends to construct another oil refinery near the existing Tema Oil Refinery (TOR).

According to the President John Dramani Mahama, the planned 100,000 barrel per day is part of the dream to make Ghana the center of downstream petroleum in West Africa.

“We are going to refurbish your storage tanks and expand the amount of petroleum products that we can produce and store. We will ramp up this refinery to its maximum of 60,000 bpsd and then we will start the planning of a new 100,000 bpsd per day refinery,” he told News Ghana.

The state-owned Tema Oil Refinery is Ghana’s sole refinery. It has a 60,000 bpd capacity, which feeds only 50% of the country's per day consumption.

This refinery has been in debt for a decade now. As at the end of 2015, the refinery’s arrears reached $ 498.03 million.

To the President, the debts will in a little while be converted into bonds and listed on the Ghana Stock Exchange (GSE).

He assured workers that the government will not be contented, but would make sure that the right measures will be put in place to consolidate the change.

Anita Fatunji