President Nana Addo Dankwa Akufo-Addo yesterday cut sod for the first phase of the ambitious $12 billion petroleum hub project to reshape Ghana’s energy sector.
Speaking during the ceremony at Nawule, Jomoro in the Western Region, the President said the project was designed to elevate Ghana’s standing as a key player in Africa’s energy sector.
He added that the hub, which would be developed in three independent phases, was set to include a 300,000 barrels per day (bpsd) refinery, a petrochemical plant, and extensive storage and port facilities. He stressed that the project aimed to address the country’s challenges, and leverage its resources for long-term growth.
Optimism
President Akufo-Addo expressed his optimism about the project’s potential to transform Ghana’s economy. “Today is a very good day for our homeland, Ghana. This project promises to be a cornerstone of our nation’s development, ensuring that all Ghanaian homes and industries have access to reliable, affordable, and environmentally sustainable energy,” he indicated.
He underscored the strategic importance of the project, noting that it would not compete with existing refineries in the region but rather complement them, with a focus on serving the African Continental Free Trade Area (AfCFTA) market.
He pointed out that the hub was expected to create approximately 780,000 direct and indirect jobs, help stabilise the national currency, and stimulate local economic development.
President Akufo-Addo also highlighted the environmental considerations embedded in the project, stressing the incorporation of cutting-edge technology and green buffers to support local fauna and flora.
“We envision a facility that will be a benchmark for crude and petroleum product pricing in Africa. The project’s aligns with global environmental sustainability standards,” he emphasised.
Phase I
He explained that the first phase of the project, led by the TCP-UIC Consortium, represented a crucial step towards achieving Ghana’s energy goals.
The consortium, comprising several international and local partners, has been chosen for its technical expertise and financial capacity to deliver on the project’s ambitious timelines. President Akufo-Addo assured the consortium of the government’s full support, stating, “Your success is our priority”.
In addition to the economic and environmental benefits, the project is expected to have a profound social impact, particularly in the Jomoro enclave.
Fund allocation
The President announced the allocation of GH¢200 million by the Ministry of Finance for land compensation to affected communities. He also lauded the generous contributions of the chiefs and people of Jomoro who have offered their land for the project.
He added that the project was also expected to lead to the establishment of the Jomoro Petroleum Hub Development Corporation (JPHDC), with its headquarters in Jomoro.
The President directed the Ministry of Energy to ensure the training of 200,000 skilled, semi-skilled and unskilled Ghanaians in preparation for the project’s take-off, with a significant portion of these workers coming from the Jomoro area.
He commended their dedication and collaboration, which had been instrumental in bringing the project to fruition. He called on all stakeholders to unite in making the petroleum hub project a reality.
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