Ghana signs $28bn agreement for Jomoro Petroleum Hub

The Petroleum Hub Development Corporation (PHDC) has signed a $28 billion investment agreement with an international consortium to advance Phase 2 of the Petroleum Hub Project in Jomoro. The consortium, led by Global Sphere, includes investors and technical partners from the United Arab Emirates, South Korea, and Mali.

The project aims to establish a major industrial complex featuring a 300,000-barrel-per-stream-day refinery, two petrochemical plants, a multi-berth jetty, and storage facilities with a capacity of four million cubic metres. Construction is expected to begin in the first quarter of 2027, with completion targeted for 2031.

Government officials, including Energy Minister Dr. John Jinapor, stated the project is central to Ghana’s strategy to move beyond petroleum extraction toward domestic processing and industrial production. While the agreement has been welcomed as a milestone for regional energy security and local job creation, officials noted that inter-ministerial efforts are required to resolve outstanding land acquisition, compensation, and financing issues to ensure successful implementation.