- Akufo-Addo launches $12 billion Petroleum Hub Project.
- Project to create 780,000 jobs and stimulate local economy.
- Includes refinery, petrochemical plant, and storage facilities.
- Project prioritizes environmental sustainability and social impact.
President Akufo-Addo has launched the Petroleum Hub Project, a $12 billion initiative aimed at transforming Ghana’s energy landscape. The project, which will be developed in three phases, includes a 300,000 barrels per day refinery, petrochemical plant, and extensive storage and port facilities.
The President highlighted the project’s significance, stating that it will elevate Ghana’s standing as a key player in Africa’s energy sector. He emphasized the project’s potential to address energy challenges and leverage resources for long-term growth.
The groundbreaking ceremony marked the commencement of the first phase of the project, which is expected to create approximately 780,000 direct and indirect jobs. The project will also stabilize the national currency and stimulate local economic development.
President Akufo-Addo underscored the strategic importance of the project, noting that it will complement existing refineries in the region and serve the African Continental Free Trade Area (AfCFTA) market.
The project incorporates environmental considerations, including cutting-edge technology and green buffers to support local fauna and flora. The President emphasized the project’s alignment with global environmental sustainability standards.
The first phase of the project is led by the TCP-UIC Consortium, which comprises international and local partners chosen for their technical expertise and financial capacity.
President Akufo-Addo assured the consortium of the government’s full support, stating that their success is a priority. He also announced the allocation of GH¢200 million for land compensation to affected communities.
The project is expected to have a profound social impact, particularly in the Jomoro enclave. The President directed the Ministry of Energy to ensure the training of 200,000 skilled, semi-skilled, and unskilled Ghanaians in preparation for the project’s takeoff.
The groundbreaking ceremony was attended by key stakeholders, including government officials, traditional leaders, and representatives from the private sector. President Akufo-Addo commended their dedication and collaboration.
The Petroleum Hub Project stands as a testament to Ghana’s determination to achieve energy independence, economic diversification, and sustainable development. With unwavering commitment and collective effort, Ghana is poised to secure a brighter and more prosperous future for all its citizens.
