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| Photo credit: thebftonline.com |
Ghana is taking steps towards reducing its annual import bill for bitumen, which averages $11.8 billion, by establishing commercial production of polymer-modified bitumen (PMB) within the country. To address this, GOIL, a player in the petroleum downstream and midstream sector, has set up a bitumen production plant in Tema. This strategic move is aimed at diversifying its operations and helping Ghana decrease its reliance on imports of bitumen from neighboring Cote d'Ivoire and from Brazil in South America.
Given Ghana's estimated annual demand for bitumen of 192,000 tonnes, GOIL's bitumen production capacity of 240 tonnes per day, equivalent to over 87,000 tonnes per year, is expected to make a significant contribution in bridging the demand-supply gap.
The Managing Director and Group CEO of GOIL, Kwame Osei Prempeh, stated that the production of PMB is a crucial intervention that will greatly reduce the cost of road construction in Ghana. Furthermore, Ghana aims to export PMB to other markets in West Africa to generate foreign exchange.
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These initiatives in local bitumen production not only align with Ghana's efforts to enhance self-sufficiency but also create opportunities for economic growth through the potential export of this product to neighboring countries.
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