Sentuo calls for cedi-based payment system for locally sourced crude

Sentuo Group Executive Chairman and President, Xu Ningquan, has called for reforms to the payment arrangements for locally sourced crude oil, questioning why refineries must pay in foreign currency for crude used to produce petroleum products for Ghana’s domestic market.

He said the existing arrangement created challenges for local refineries, which purchase crude oil in foreign currency but sell refined petroleum products in Ghana cedis, raising concerns about the sustainability of their operations.

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Xu Ningquan made the remarks during a visit by Parliament’s Select Committee on Energy to Sentuo Oil Refinery in Tema on Tuesday, September 22, 2026, where management discussed the company’s operations and challenges with committee members.

“Ghana needs a policy environment that supports domestic refining and encourages businesses to invest in local processing rather than relying heavily on imported refined petroleum products,” he said.

According to him, local refining requires patient, long-term investment and stable policies that allow companies to plan their operations and remain sustainable.

Xu Ningquan argued that the payment system should reflect the objective of retaining more value within the domestic economy through the local processing of crude oil and the production of refined petroleum products.

He said reforms to the crude payment arrangements could help strengthen the local refining industry, support employment and reduce dependence on imported fuel.

ANAS/MA

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