President John Dramani Mahama has revealed that Ghana will begin supplying crude oil from its domestic fields to a local refinery for processing, a development he says signals a renewed push toward industrialisation and value addition.

He said the arrangement will take effect in June and marks a return to a policy direction aimed at reducing reliance on the export of unprocessed resources.

The president made the announcement at the Ghana Diaspora Town Hall Meeting in London, where he met members of the Ghanaian community, investors, and business leaders.

He said the government’s strategy is to build a more integrated petroleum sector that does not only focus on extraction but also on refining and downstream industrial activity.

According to him, Ghana is also scaling up oil and gas production offshore, alongside efforts to expand domestic processing capacity.

President Mahama disclosed that the country has secured about $1.5 billion in new investment from ENI for the Offshore Cape Three Points (OCTP) project to boost production of oil and natural gas.

He explained that the long-term objective is to retain more value from natural resources within the local economy instead of exporting crude and importing refined products.

The President said the upcoming supply of Ghanaian crude to a local refinery represents a break from a cycle he described as economically limiting.

He added that the government’s wider industrial agenda includes investment in petrochemicals, fertiliser production, agro-processing and industrial parks to support job creation and manufacturing.

The engagement formed part of discussions with the diaspora community on investment opportunities and Ghana’s broader economic transformation agenda.