Ecobank Ghana will arrange a $200 million credit facility to finance the next expansion phase of the Sentuo Oil Refinery, aiming to more than double its processing capacity and add petrochemical manufacturing. The bank is organizing a syndicate of domestic, regional, and international lenders to secure the required capital.

The expansion will raise refining capacity from 40,000 barrels per day to 100,000 barrels per day. The inclusion of new petrochemical units will enable the plant to manufacture an expanded selection of petroleum-based products. This addition marks a shift toward processing domestic crude locally rather than exporting the raw product.

Sentuo Refinery cuts Ghana’s import reliance

China’s Sentuo Group built the $1.98 billion facility, commissioning it in January 2024 to reduce dependence on foreign oil. Historically, imports supplied about 97 percent of domestic fuel needs. As the first privately owned refinery in the country, it processes crude harvested from offshore oil fields.

Abena Osei-Poku, managing director of Ecobank Ghana, expressed the bank’s long-term commitment to backing industrial infrastructure projects that generate local employment. The institution operates as a subsidiary of Ecobank Transnational Inc., a financial network that provides cross-border banking, trade finance, and corporate payment services throughout sub-Saharan Africa.

Bank profit ticks up as revenue slips

The bank reported net income of GH¢1.82 billion ($164 million) for the 2025 financial year, up from GH¢1.70 billion ($153.1 million) the previous year. Revenue dropped to GH¢5.21 billion ($470 million) from GH¢5.36 billion ($483 million), indicating that lower overhead costs and tighter risk controls sustained profit growth.

Total assets grew to GH¢47.33 billion ($4.26 billion) from GH¢46 billion ($4.14 billion) by the end of 2025. Shareholders’ equity rose to GH¢7.18 billion ($646.5 million) from GH¢5.40 billion ($487 million), while customer deposits declined to GH¢31.56 billion ($2.84 billion) from GH¢32.45 billion ($2.92 billion) due to competitive banking conditions.