Nana Akufo-Addo, Ghana’s President has launched what is considered the first phase of the country’s petroleum hub project, estimated to cost $12 billion.
According to available reports, the project is designed to elevate Ghana’s standing as a key player in Africa’s energy sector. It also aims to create a modern, diversified and financially sustainable energy economy for the country.
The hub, which will be developed in three independent phases, will include a 300,000 barrel per day (bpd) refinery, a petrochemical plant, and extensive storage and port facilities.
During a launch ceremony, President Nana Akufo-Addo expressed his optimism about the project’s potential to transform Ghana’s economy. “Today is very good day for our homeland, Ghana,”.
Speaking further, he said “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 hub is expected to create approximately 780,000 direct and indirect jobs, stabilise the national currency and stimulate local economic development, he said.
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President Akufo-Addo also highlighted the environmental considerations embedded in the project, emphasising the incorporation of cutting-edge technology and green buffers to support local fauna and flora.
In addition to the economic and environmental benefits, the project is expected to have a profound social impact, particularly in Jomoro, a coastal region in the southwest of Ghana.
The project is also expected to lead to the establishment of the Jomoro Petroleum Hub Development Corporation (JPHDC), with its headquarters in Jomoro.
Story was adapted from Gas Outlook.
