Ghana has taken a monumental step towards revolutionizing its energy sector with the signing of Phase One of the Petroleum Hub Project. The landmark agreement was formalized between the Petroleum Hub Development Corporation and the TCP-UIC Consortium, consisting of Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd.
The ceremony was graced by Dr. Matthew Opoku Prempeh, the Minister for Energy, marking a significant milestone in Ghana’s energy landscape. Dr. Matthew Opoku Prempeh, in his address, highlighted the invaluable contributions of his predecessors and allied agencies. He assured that the Ministry of Energy will continue to provide the necessary policy direction and guidance to ensure the successful execution of Phase One. This phase will lay a solid foundation for subsequent phases, ensuring the realization of this ambitious project.
“This event marks a significant step, pursuant to the realization of a vision that His Excellency President Nana Addo Dankwa Akufo-Addo holds dear—a vision of developing a modern, diversified, efficient, and financially sustainable energy economy for Ghana.”
Dr. Matthew Opoku Prempeh, the Minister for Energy
The establishment of the Petroleum Hub is a cornerstone of the government’s strategic private-sector-led initiatives, designed to be a new pillar of growth in the Ghanaian economy. The project is set to be the leading integrated petroleum and petrochemical complex in Africa, adding value to both the upstream and downstream oil and gas value chain.
The signing ceremony, held in the Jomoro Municipal area of the Western Region, represents a $12 billion investment as part of a total estimated project cost of $60 billion. This partnership between the government of Ghana and the TCP-UIC Consortium is poised to establish Ghana as a hub for energy trading in West Africa.
The minister emphasized the project’s scale, which includes three refineries, five petrochemical plants, extensive storage facilities, jetties, and port infrastructure across a vast 20,000-acre site.
“This hub has been a long time coming, and I am excited that today we can sign for work to begin in earnest. We are hopeful that all the hard work we put in will yield the results that we desire. We are determined to achieve this goal, and we will continue working to see this materialize.”
Dr. Matthew Opoku Prempeh, the Minister for Energy
Dr. Opoku Prempeh further explained that the project, scheduled in three phases from 2024 to 2036, will initially focus on building a refinery capable of processing 300,000 barrels per day, alongside a petrochemical plant, large-scale storage facilities, and essential port infrastructure. This ambitious project, driven by private sector investments, is expected to attract significant foreign investment, create jobs, and bolster Ghana’s energy security.
According to the minister, the Petroleum Hub is expected to create over 780,000 jobs directly and indirectly by 2036, when completed. The project aims to foster local entrepreneurship, promote knowledge transfer through international partnerships, and enhance Ghana’s stature in the global petroleum industry. Community engagement will be a priority, ensuring that local communities benefit from improved infrastructure, healthcare, and educational opportunities.
The Paramount Chief of Western Nzema Traditional Council, Awulea Annor Adjaye III, who also serves as Chairperson of the Petroleum Hub Development Corporation, urged the corporation and its partners to ensure value addition and wealth creation for the people of Jomoro and Ghana at large. “We as leaders hold in trust these natural resources for our people, so anytime we have to use them, we must ensure our people are the main beneficiaries,” he asserted.
The Petroleum Hub project stands as a beacon of hope and progress, reflecting Ghana’s commitment to leveraging its natural resources for sustainable development. As the nation embarks on this transformative journey, the collaboration between the government, the TCP-UIC Consortium, and local stakeholders underscores a shared vision for a prosperous and self-reliant energy future.
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