The Petroleum Hub Development Corporation (PHDC) has signed a $28 billion investment agreement with an international investment consortium to develop Phase 2 of the Petroleum Hub Project at Jomoro in Ghana’s Western Region.
The investment is expected to support the government’s 24-Hour Economy programme, promote industrial growth, attract foreign investors, and create employment opportunities across the country.
Construction of the second phase of the petroleum hub is scheduled to begin in the first quarter of 2027, with the project expected to be completed in 2031.
Speaking at the agreement signing ceremony, PHDC Chief Executive Officer, Dr. Toni Aubynn, explained that the project would help reduce Ghana’s dependence on imported petroleum products and conserve foreign exchange.
He further noted that the development would generate jobs and support round-the-clock business operations, contributing to economic growth and strengthening Ghana’s energy sector.
The Jomoro Petroleum Hub Project is expected to contribute to Ghana’s petroleum industry development, improve energy security, attract international investment, and create new opportunities for local businesses.
Source: newsthemegh.com