President Nana Akufo-Addo has officially cut sod for the first phase of the Petroleum Hub Development project in Nawule, located in the Jomoro District of the Western Region.
This ambitious project will include the construction of a refinery with a capacity of 3,000 barrels per day, alongside other facilities, and is expected to create 780,000 jobs.
The groundbreaking event follows the signing of a $12 billion agreement in 2024 between the Petroleum Hub Development Corporation and the TCP-UIC consortium.
Despite the significant potential of the project, there have been concerns from local communities regarding the lack of consultation and the extensive 20,000-acre land acquisition for the development.
Speaking at the event, President Akufo-Addo emphasized that the project represents a significant step toward ensuring sustainable energy access for both citizens and industries in Ghana.
“We are taking a bold step to guarantee that all Ghanaian homes and industries have access to reliable, affordable, and environmentally sustainable energy. The project includes the construction of a 3,000-barrel-per-day refinery, storage tanks with a capacity of 300,000 cubic meters, jetty and port infrastructure, as well as base and auxiliary infrastructure, and six social amenities,” the President stated.
He further elaborated on the phased approach to the project, noting that each phase will function as an independent hub, collectively forming a petrochemical industrial park covering approximately 20,000 acres. “This project will complement, not compete with, existing refineries in Ghana and across West Africa,” he added.
Highlighting the broader benefits, President Akufo-Addo pointed out that the Petroleum Hub project is poised to serve not just Ghana but the entire African market, particularly under the African Continental Free Trade Area (AfCFTA), which is valued at $3.4 trillion.
The project is also committed to environmental sustainability, incorporating green buffers to support local fauna and flora.
“It will set the benchmark for crude and petroleum product pricing in Africa,” he said.
The project is expected to create 780,000 direct and indirect jobs, stabilize the local currency, stimulate economic development, and position Ghana as a leading petroleum and petrochemical partner in Africa.
“I am confident that this hub will be a secure and innovative workplace, adhering to the highest industry standards,” the President remarked.
Addressing concerns from the local communities, President Akufo-Addo proposed a name change for the project and directed that the headquarters of the Petroleum Hub Development Corporation be located in Jomoro.
“It should be renamed the Jomoro Petroleum Hub Development Corporation,” he said.
The President also directed the Ministry of Energy and the project’s board to ensure that 200,000 skilled, semi-skilled, and unskilled Ghanaians, primarily from the Jomoro area, are trained to support the project.
In justifying the selection of the consortium, President Akufo-Addo expressed confidence in their technical and financial capabilities.
“The TCP-UIC consortium, chosen for the first phase, has the expertise and financial strength to meet our regulated timelines and standards. I urge everyone involved to make this hub a model for Ghana and the world,” he stated.
He further assured the consortium, which includes China Huadian Engineering Company Limited, China Construction Tech Engineering Bureau Company Limited, Touchstone Capital Group Holdings Limited, UIC Energy Ghana Limited, and Touchstone UIC Ghana Investments Limited, of the government’s full support in executing the project.
Source: Adomonline.com
READ ALSO: