Ghana signs $28bn deal with UAE-led group for second phase of Jomoro petroleum hub

Ghana has entered into a significant partnership with a UAE-led consortium to develop the second phase of the $28 billion Jomoro petroleum hub. The deal, signed on October 19 in Accra, aims to create a crude oil refinery capable of processing 300,000 barrels per stream day. The infrastructure will also include two petrochemical plants, storage facilities, and a jetty with a capacity for multi-berths.

Initial site activities are set for the first quarter of 2027, with the entire project targeted for completion within five years.

Energy and Green Transition Minister John Abdulai Jinapor emphasized that the project will serve as a critical link between upstream petroleum production and downstream processing facilities, supporting President John Dramani Mahama's ambition to enhance domestic value addition. However, the financial structuring and funding for the megaproject remain unfinalized, with the consortium planning to secure strategic equity participation, long-term debt, and credit enhancement mechanisms.

The project faces challenges, including land acquisition disputes and local compensation negotiations. The government has reduced the land requirement from 20,000 acres to about 12,300 acres following objections from local communities. Furthermore, the proposed refinery capacity far exceeds Ghana's current domestic crude oil output, which in 2025 was 37.3 million barrels, translating to approximately 102,000 barrels per day. The planned refinery capacity is nearly triple Ghana's average daily crude production.