PHDC signs $28bn agreement for Jomoro Petroleum Hub

The Petroleum Hub Development Corporation (PHDC) has signed a $28 billion Build-Own-Operate agreement with an international consortium led by Global Sphere to develop the second phase of the Ghana Petroleum and Petrochemicals Hub in Jomoro. The agreement, finalized in Accra, covers Lot 2 of the project and involves a partnership with investors from the United Arab Emirates, South Korea, and Mali. This phase is central to the government's strategy to transform the Western Region into a premier destination for petroleum processing and distribution in West Africa.

The project features a refinery with a processing capacity of 300,000 barrels per stream day, supported by petrochemical plants and extensive storage facilities. PHDC Chief Executive Officer Dr. Toni Aubynn and Boubacar Belco Bah, representing the Global Sphere-led consortium, signed the documents. Dr. Aubynn noted that the project has the full support of President John Mahama and is expected to drive national industrialization by adding value to Ghana’s crude oil production rather than exporting raw resources.

Energy and Green Transition Minister Dr. John Abdulai Jinapor has pledged to lead inter-ministerial efforts to resolve outstanding challenges related to land acquisition and compensation. Following the signing, Dr. Jinapor indicated he would engage with the Ministries of Finance and Lands and Natural Resources to ensure that financing and administrative hurdles do not impede the project’s progress. He stressed the importance of institutional collaboration to provide the decisive action needed for the $28 billion investment to materialize.

Construction is scheduled to begin in the first quarter of 2027, with the facility projected to enhance Ghana's energy security and create thousands of local jobs. Community leaders in Jomoro have welcomed the development, citing its potential to stimulate the local economy and serve the energy needs of the broader West African region. By domesticating the refinery process, the hub aims to reduce the nation's reliance on imported fuel and strengthen its position as a regional economic powerhouse.