GOIL PLC and Société Multinationale de Bitumes (SMB) of Côte d’Ivoire have officially inaugurated their joint venture, the African Bitumen Terminal, in a landmark event that promises to revolutionize the region’s road construction sector.
The state-of-the-art US$40 million facility, located at Tema in the Greater Accra Region, marks a significant milestone in the nation’s infrastructure development and regional cooperation.
The ceremony was graced by the presence of President Nana Addo Dankwa Akufo-Addo and Ivorian Prime Minister, Robert Brindley Mbembe, representing President Alassane Ouattara.
This high-level attendance underscored the project’s importance to both nations and highlights the growing economic ties between Ghana and Côte d’Ivoire.
President Akufo-Addo hailed the facility as “an infrastructure milestone that is both transformative and representative of the importance of regional cooperation and industrial growth.”
He emphasized the project’s role in supporting Ghana’s ambitious infrastructure plans, stating, “My government is undertaking the most extensive expansion of the road network ever seen in this country, with the construction of some 12,000 kilometers of road since 2017.”
The facility boasts an impressive total storage capacity of 7,500 metric tons and is equipped with cutting-edge technology to produce a range of bitumen products.
Its main operations include the transfer of bitumen from tanker vessels, storage of various grades of bitumen, and production of specialized products such as Polymer Modified Bitumen (PMB) and bitumen emulsions.
President Akufo-Addo emphasized this aspect, stating, “Through this partnership, our countries have demonstrated that we can collaborate successfully to achieve great industrialization and economic growth.”
He further noted that this joint venture stands as evidence of what can be achieved when nations within the ECOWAS community pool their resources, expertise, and resolve.
The facility’s impact is expected to extend beyond road construction. Its ability to produce specialized bitumen grades for various applications, including fuel-resistant varieties for high-stress areas like road intersections and airport taxiways, positions it to meet the diverse needs of Ghana’s growing economy.
President Akufo-Addo also highlighted the potential for regional impact, saying, “This brilliant plant will not only meet the needs of Ghana’s rural construction sector, it will also create significant opportunities for export, particularly within the ECOWAS community.”
The project’s successful completion was achieved with an impressive safety record, with no injuries or fatalities during construction. President Akufo-Addo commended this achievement, stating, “This is a testament to the rigorous safety standards maintained throughout the construction phase.”
The project represents a significant step towards reducing Ghana’s dependence on imported bitumen products. President Akufo-Addo stressed this point, saying, “This initiative will ensure that Ghana has the capacity to meet the growing demand for high-quality bituminous products, while significantly reducing our reliance on foreign imports.”
He further stated that it opens the door for us to attract exporters of bitumen, offering a quality product to countries within the West African region and beyond.”
The production of PMB is expected to be a game-changer for Ghana’s road infrastructure. President Akufo-Addo had earlier highlighted its importance, saying, “Polymer modified bitumen offers superior durability and performance, particularly under the extreme weather conditions we sometimes experience. The ability to produce these modified bituminous products domestically means that we will reduce construction costs and also improve the quality and longevity of our roads.”
Mr Reginald Daniel Laryea, Chairman of the Board of Directors of GOIL PLC, highlighted the facility’s potential to transform Ghana’s road construction landscape.
“The plant we are opening today represents a milestone and great strides by GOIL and SMB and by extension the two countries- Ghana and Côte d’Ivoire, towards building a stronger mutual cooperation,” Mr. Laryea stated.
He further added, “GOIL’s objective ultimately is to be a major supplier of bitumen, and producer of the best quality Polymer Modified Bitumen (PMB) for the country.”
Mr Kwame Osei-Prempeh, Group Chief Executive and Managing Director of GOIL PLC, provided historical context to the project, pointed out the long-standing partnership between GOIL and SMB, dating back to 2003.
He noted that the project aims to “play a major role in the construction of roads through the supply of bitumen” and “bring the needed competition and ultimately lower the cost of bitumen supplied to the road sector.”
Mr. Osei-Prempeh also paid tribute to key figures who contributed to the project’s realization, including his predecessor Mr. Patrick A.K. Akorli, and the late Nana Yaw Owusu, Otumfuor’s Mpaboahene and representative of SMB. “Their patriotic vision for Ghana led to what we are witnessing today,” he remarked.
To maximize the benefits of this investment, Mr. Osei-Prempeh called for government support, requesting “a policy that requires road contractors to source their bitumen products locally be put in place and enforced.”
He also stressed the need to prevent the importation of low-quality bitumen grades and to close unapproved import routes that deny the country revenue.
The collaboration between GOIL and SMB extends beyond mere business interests, symbolizing a deepening of ties between Ghana and Côte d’Ivoire.
The post GOIL, SMB launch game-changing bitumen facility appeared first on The Business & Financial Times.
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