The Petroleum Hub Development Corporation (PHDC) concluded a $28 billion contract with an international group to develop the second stage of the national energy initiative at Jomoro. MyJoyOnline reported that this agreement supports the administration's 24-Hour Economy strategy. The construction phase is slated to begin in the first quarter of 2027, with final completion targeted for 2031. Dr. Toni Aubynn, the PHDC chief executive, noted that the expansion aims to lower reliance on imported fuel and preserve foreign currency reserves.
The five-year build-out includes a refinery processing 300,000 barrels daily, alongside two petrochemical units and storage tanks holding four million cubic metres. A multi-berth jetty will also be part of the infrastructure. According to MyJoyOnline, the facility is intended to serve as a strategic national asset, enhancing energy security and shielding the economy from global market fluctuations. The full project is projected to generate more than 700,000 direct and indirect positions upon completion.
Dr. John Jinapor, the Minister of Energy and Green Transition, observed the signing of the partnership. He characterized the deal as a key step toward establishing Ghana as the primary energy hub in West Africa. Speaking after bilateral meetings at African Energy Week, the minister reiterated the state's focus on a transparent and competitive sector. He promised to coordinate with the finance and lands ministers to provide institutional backing for the initiative.
Bou-ba-car Belco Bah, representing the investors, committed to working with the PHDC to meet deadlines. The group emphasized adherence to local regulations and international standards, prioritizing technology transfer and workforce training. Dr. Aubynn stated that the corporation prioritized implementation in 2026 to transition from planning to physical construction. The initiative, originally outlined in 2020 legislation, is now moving toward active development to solidify Ghana's appeal for long-term industrial capital.