Ghana signs $28bn investment deal with Consortium for Phase 2, Petroleum Hub Project

The Petroleum Hub Development Corporation (PHDC) has inked a $28 billion investment deal with an international consortium to construct Phase 2 of the Petroleum Hub Project in Jomoro, Western Region. This substantial commitment signals a significant boost for Ghana's 24-Hour Economy initiative. The project, slated to kick off in the first quarter of 2027 and be completed by 2031, aims to mitigate reliance on imported fuel, conserve foreign exchange, and generate employment opportunities through 24-hour operations.

Dr. Toni Aubynn, PHDC's CEO, expressed optimism regarding the agreement, stating it sends a powerful message to the international investment community. He emphasized Ghana's reputation for long-term investments backed by political stability, and welcomed partners aligned with the vision of generating value, employment, and sustainable industrial growth.

Bou-ba-car Belco Bah, representing the investment consortium, pledged collaboration with PHDC to ensure the project's timely execution, stressing adherence to Ghanaian laws and international standards. Local capacity building and skill development of Ghanaian professionals were also highlighted as essential aspects of the project.

Minister of Energy and Green Transition, Dr. John Jinapor, pledged government support to transform Ghana's energy sector. He assured the PHDC of all necessary backing to create an enabling environment for project success. The Petroleum Hub Project, initially proposed in 2020, is expected to generate over 700,000 direct and indirect jobs upon completion of all phases.