Ghana signs $28bn investment deal with Consortium for Phase 2, Petroleum Hub Project

The Petroleum Hub Development Corporation has signed a 28-billion-dollar investment agreement with an international investment consortium to build Phase 2 of the Petroleum Hub Project at Jomoro in the Western Region, a major boost to the government’s 24-Hour Economy programme.

The project, which is expected to commence in the first quarter of 2027, will be completed in 2031. Speaking at the signing ceremony, Chief Executive of the Petroleum Hub Development Corporation, Dr. Toni Aubynn, said the project will reduce dependence on imported fuel, save foreign exchange, and create jobs operating round-the-clock.

“Todays agreement sends a strong signal to the international investment community. it demonstrates that Ghana remains the trusted destination for long-term investments underpinned by political stability. We welcome investors who share our vision of creating value, generating employment and advancing sustainable industrial development”.

Representative of the Investment Consortium, Bou-ba-car Belco Bah, pledged to collaborate with the Petroleum Hub Development Corporation to ensure the project is executed within the stipulated time frame.

“We are committed to responsible development in accordance with Ghanaian laws and regulations and appropriate international standards. We also recognize the importance of technology transfer, local capacity building and development of skills of Ghanaian professionals. Industrial progress must be measured by work and safety, community protection and long-term sustainability”.

On his part, the Minister of Energy and Green Transition, Dr. John Jinapor, assured PHDC of government’s resolve to transform Ghana’s energy sector.

“I have asked for a meeting so that we can discuss what we can do to ensure that we can achieve this objective, and as a minister I have to give you all the support that I can, shepherd it, and ensure we meet our side of the bargain so that we can create this enabling environment for you to achieve this objective. You have my full support”.

Meanwhile, the Petroleum Hub Project, first proposed in 2020 under the Petroleum Hub Development Corporation Act, is expected to create over 700,000 direct and indirect jobs when all phases are completed.