Ghana's state-owned Petroleum Hub Development Corporation signed a protocol valued at US$28 billion on Monday, 19 October, in Accra, with a consortium led by Global Sphere. The agreement covers the second lot of the Jomoro oil and petrochemical hub in Ghana's Western Region.
The programme provides for a refinery with an announced capacity of 300,000 barrels per day, two petrochemical plants, four million cubic metres of storage and a jetty with several berths. The PHDC is targeting five years of development and the start of construction work on the site in the first quarter of 2027.
Ghana's Minister of Energy, John Abdulai Jinapor, has however indicated that the government still has to settle land acquisition, compensation and financing issues. The US$28 billion therefore reflects the announced value of the programme, not funds already mobilised or disbursed.
A first phase valued at US$12 billion was announced in 2024, but no commissioning date has since been set. Created by a 2020 law, the Jomoro project is meant to make Ghana a regional centre for refining, petrochemicals and storage, with output also intended for export markets.