The Petroleum Hub Development Corporation (PHDC) has finalized a US$28 billion Memorandum of Understanding for the second phase of Ghana’s energy infrastructure project. The deal was executed in Accra on Monday, 19 October 2026, by PHDC Chief Executive Officer Dr Toni Aubynn and Boubacar Belco Bah, who represented a consortium of investors from the United Arab Emirates, Mali, and South Korea. MyJoyOnline reported that the signing ceremony marked a significant step in the continent's energy infrastructure development.
The consortium is tasked with developing a world-class refinery with a processing capacity of 300,000 barrels per stream day. The scope also includes two chemical manufacturing units, four million cubic metres of storage capacity, and a multi-berth jetty. MyJoyOnline noted that the project is expected to be completed within five years. Implementation is set to start right away, with on-site work at the Jomoro location anticipated to launch in early 2027.
Minister of Energy and Green Transition Dr John Abdulai Jinapor described the project as essential to President John Dramani Mahama’s vision for the energy sector. He observed that while Ghana has made progress in upstream oil and gas production, establishing infrastructure to connect upstream and downstream sectors is now critical. The Minister stated that his ministry would provide comprehensive backing to the PHDC and the investors to ensure the project’s success.
Boubacar Belco Bah, speaking for the consortium, emphasized a commitment to rigorous project preparation and transparent governance. He indicated that the group would combine international expertise with the participation of Ghanaian contractors and professionals. Dr Toni Aubynn characterized the MoU as a significant milestone, noting that the PHDC had navigated uncertainty since March 2025 to reach this point. He assured stakeholders that the corporation would provide the necessary support systems to translate the partnership into a successful project.
The ceremony was attended by several high-level officials, including Deputy Minister for Energy Richard Gyan-Mensah and Deputy Minister for Transport Dorcas Afo Toffey. Local traditional leaders, including the head of the Western Regional House of Chiefs, were also present to witness the execution of the agreement.