President Akufo-Addo Inaugurates Phase One of $12 Billion Petroleum Hub Project
President Nana Akufo-Addo has inaugurated the first phase of Ghana’s ambitious Petroleum Hub Development project in the Jomoro District of the Western Region, marking a significant milestone in the country’s energy sector.
The $12 billion initiative, launched in partnership with the TCP-UIC consortium, is set to include a 3,000-barrel-per-day refinery, extensive storage facilities, and vital infrastructure developments.
At the groundbreaking ceremony, President Akufo-Addo underscored the transformative potential of the project, which is expected to generate approximately 780,000 direct and indirect jobs.
He highlighted its role in ensuring sustainable energy access for both domestic and industrial use, positioning the hub as a cornerstone of Ghana’s energy future.
“This project is a bold step towards securing reliable, affordable, and environmentally sustainable energy for all Ghanaians,” the President remarked, adding that it would complement existing refineries rather than compete with them.
The hub, spanning 20,000 acres and set to be developed in three phases, is strategically aligned with the African Continental Free Trade Area (AfCFTA) to capture a share of the $3.4 trillion market.
The project is also designed to be a benchmark for crude and petroleum product pricing in Africa, with a strong emphasis on environmental sustainability.
Despite the optimism, the project has faced criticism from local communities over land acquisition and a perceived lack of consultation. In response, President Akufo-Addo announced that the project’s headquarters would be relocated to Jomoro and renamed the Jomoro Petroleum Hub Development Corporation.
He also pledged extensive training for 200,000 Ghanaians from the local area to ensure they are well-equipped to benefit from the project.
The TCP-UIC consortium, selected for the first phase, has been tasked with delivering the project on time and to the highest standards.
Charles Owusu, CEO of the Petroleum Hub Development Corporation, described the initiative as a game-changer, poised to make Ghana a key player in the refining and trading of petroleum products across Africa.
“This project is not just about economic growth; it’s about balancing technological advancement, environmental stewardship, and human capital development,” Mr Owusu stated, urging stakeholders to fully support the project’s successful implementation.
