Ghana’s ambition to become a major petroleum refining and petrochemical hub in West Africa has received a significant boost following the signing of a $28 billion investment agreement for the development of the second phase of the Ghana Petroleum and Petrochemicals Hub at Jomoro in the Western Region.
The Build-Own-Operate (BOO) agreement, signed between the Petroleum Hub Development Corporation (PHDC) and an international consortium led by Global Sphere, is expected to accelerate the country’s industrialisation drive, promote local value addition and strengthen Ghana’s position in the regional energy market.
The Korea-Emirati-Mali consortium is expected to develop the multi-billion-dollar energy complex within five years, with construction scheduled to commence in the first quarter of 2027, subject to the completion of the necessary technical and regulatory processes.
Under the Investment and Land Development Agreement, the project will comprise a modern oil refinery with a processing capacity of 300,000 barrels per stream day, two petrochemical plants, storage facilities with a combined capacity of four million cubic metres, and a multi-berth jetty to facilitate petroleum transportation and export activities.
The development is expected to expand Ghana’s refining capacity, reduce dependence on imported petroleum products and create opportunities for employment, skills development and local businesses.
Speaking at the signing ceremony in Accra, the Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, described the agreement as a major step towards transforming Ghana from an exporter of raw petroleum resources into a competitive refining and petrochemical centre.
He said the government’s industrialisation strategy was focused on ensuring that the country’s natural resources generated greater economic value through domestic processing and manufacturing.
Dr. Jinapor noted that Ghana’s crude oil production was beginning to recover after five consecutive years of decline, citing recent investment commitments, including a $1.5 billion framework agreement with ENI and a $2 billion commitment involving Jubilee Partners.
He stressed that increasing crude oil production must be accompanied by investments in refining infrastructure to maximise the economic benefits of the country’s petroleum resources.
According to him, the proposed refinery’s capacity of 300,000 barrels per day would significantly strengthen Ghana’s ability to meet domestic petroleum demand while supplying refined products to neighbouring countries.
The minister reaffirmed the government’s commitment to supporting the consortium through the necessary administrative and regulatory processes to facilitate the project’s implementation.
Representing the investment consortium, Boubacar Belco Bah said the agreement marked an important step towards reducing Africa’s dependence on imported refined petroleum products.
He observed that many African countries continued to export crude oil and other natural resources while spending substantial amounts importing finished products, a situation he said had limited industrial development and economic self-reliance.
Mr. Bah explained that the Jomoro project was designed to address this imbalance by promoting local refining, petrochemical production and industrial development.
He disclosed that the consortium was advancing arrangements to mobilise the required financing through strategic equity investments, long-term debt facilities and credit enhancement mechanisms.
Although the agreement represents a major milestone, he acknowledged that the consortium had yet to achieve financial close, stressing its commitment to mobilising the necessary resources to implement the project.
He further indicated that the development would support the government’s 24-Hour Economy and Accelerated Export Development initiatives by creating employment opportunities, promoting technical training and opening up business opportunities for Ghanaian companies.
Communities within Jomoro and surrounding areas are also expected to benefit from employment, skills development and opportunities to participate in the project’s supply chain.
The Chief Executive Officer of the Petroleum Hub Development Corporation, Dr. Toni Aubynn, described the agreement as the culmination of extensive stakeholder engagements, investment negotiations and strategic planning.
He said the signing coincided with his 580th day in office and reflected the corporation’s determination to translate Ghana’s petroleum hub vision into tangible infrastructure and economic opportunities.
Dr. Aubynn, who declared 2026 the corporation’s “Year of Action,” commended President John Dramani Mahama for his leadership and commitment to advancing the project.
He emphasised that the success of the initiative would ultimately be measured by the infrastructure delivered, sustainable jobs created and long-term economic benefits generated for Ghanaians.
The ceremony brought together government officials, traditional leaders and other stakeholders, including the Minister for Lands and Natural Resources, Emmanuel Armah-Kofi Buah; Deputy Minister for Transport, Dorcas Affo-Toffey; and Western Regional Minister, Joseph Nelson.
Also present were the President of the Western Regional House of Chiefs, Nana Kobina Nketsiah V, and the Paramount Chief of the Western Nzema Traditional Area, Awulae Kwasi Amarhchi III.
The agreement represents another step in Ghana’s efforts to establish an integrated petroleum and petrochemical industry capable of attracting international investment, supporting industrial growth and strengthening the country’s competitiveness in the West African energy market.
