President Nana Addo Dankwa Akufo-Addo of Ghana has flagged off the construction of the first phase of the Petroleum Hub project at Nawule in the Jomoro District in the Western Region of Ghana.
Speaking at the flag off ceremony, which was attended by key stakeholders, including government officials, traditional leaders, and representatives from the private sector on Monday, President Akufo-Addo expressed optimism about the potential of the project to transform Ghana’s economy.
“Today is a very good day for our homeland, Ghana,” he said, adding: “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.”
The President explained that the project 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.
“The hub is expected to create approximately 780,000 direct and indirect jobs, stabilise the national currency and stimulate local economic development,” he said.
According to Daily Graphic report on Tuesday, the three independent phases of the project, estimated at $12 billion, will ensure value addition to the country’s oil and gas resource to create a modern, diversified and financially sustainable energy economy for the country.
The projects are the 300,000 barrels per day (bpsd) refinery, a petrochemical plant, and extensive storage and port facilities.
The project is expected to lead to the establishment of the Jomoro Petroleum Hub Development Corporation (JPHDC), with its headquarters in Jomoro.
The first phase of the project, led by the TCP-UIC Consortium, comprises many international and local partners and is chosen for its technical expertise and financial capacity to deliver on the project’s ambitious timelines.
The Petroleum Hub Project has been designed to elevate the country’s standing as a key player in Africa’s energy sector, highlighting Ghana’s commitment to addressing its energy challenges and leveraging its resources for long-term growth.
GIK/APA