GHANA has kicked off construction of the biggest bitumen plant in West Africa. According to Chief Operating Officer of Goil, Alex Josiah Adzew, the contract has already been awarded and a gas plant has been set up for the cylinder re-circulation model in the country and looking forward to partner some banks to fund the projects.
‘The contract has already been awarded and the contractor is working so I must say we’re on course but it’s a very big project because as I indicated it’s going to be one of the biggest processing plants in West Africa due to the quality of bitumen it will supply,’ said Adzew.
Biggest bitumen plant
The project, estimated to cost $25 million, is a partnership between the company and its Ivorian counterparts. It is expected to deliver quality bitumen for road construction in the sub-region and beyond. The chief operating officer was optimistic that with all factors remaining constant, the project will be completed within 18 months.
‘The only plant to supply AC10, AC 20 and the PMB, the quality of bitumen used for the construction of the N1 road [a major road in the capital, Accra] and that’s the product we want to bring to Ghana. It’s going to be a game changer and we’re partnering a company in Ivory Coast SMB, which already has a depot in Abidjan and very experienced in the management of such facilities,’ said Adzew.
In a related development, managers of the Ghana Stock Exchange have made an appeal to Ghana’s indigenous oil marketing company, GOIL Company Ltd and other listed companies to consider using the stock market to raise funds for their infrastructure projects rather than resorting to bank borrowing.
According to its financial report, there has been a remarkable performance by Goil in the year 2018 which prompted the outgoing Managing Director of Goil, Patrick Akorli, to promise that the company will consider using the stock market as well as work with banks to raise funds. Over the last five years, Goil’s profit after tax has grown by 20 percent per year on average.