Gov’t inaugurates Petroleum Hub; expected to rake in $1.5 billion

The Energy Minister, Dr Matthew Opoku Prempeh, has hinted that the country could earn up to $1.56 billion in exports under the auspices of the Petroleum Hub Development Corporation (PHDC).

In addition to this is the expected creation of about 780,000 jobs for Ghanaians.

The Energy Minister in Accra on September 8, inaugurated the corporation to oversee the operations of the petroleum hub, the first of its kind in the country, on behalf of the president, Nana Addo Dankwa Akufo-Addo.

The petroleum hub, a strategic initiative by the government will serve as a new pillar of growth for the Ghanaian economy, Dr Prempeh said, and will “transform the economy through the export tax of about $1.56 billion, increase Ghana’s GDP by about 70% and create jobs in excess of 780,000.”

The hub will occupy a land space of about 20,000 acres and would have four refineries each with a capacity of 150,000bpd, two oil jetties, storage tanks for crude and two petrochemical plants.

The facility, the minister noted, would accelerate the country’s growth in the petroleum downstream sector and make it a major player in the economy, and ensure the development of sustainable value, wealth creation and the progress and prosperity of the industry.

He added that the development of the hub would also increase the presence of major international oil trading and storage companies, create regional trading champions.

Furthermore, the hub is expected to encourage joint ventures between local and multinational companies for knowledge transfer and wealth creation.

With Ghana aspiring to become a hub for refined petroleum products in the West African subregion and beyond by the year 2030, Dr Prempeh said, the government would provide land and basic infrastructure such as roads, water, and electricity to make this a reality.

He, therefore, urged the petroleum corporation board to ensure a fine partnership between the PHDC and the National Petroleum Authority (NPA) in the prosecution of your mandate.

“There are ongoing efforts to enhance value maximisation within the downstream petroleum arena, and one of the key ways is for our country to have in place a Ghanaian content and Ghanaian participation regulations.

This will ensure that our people have the opportunity to participate fully in our industry. Ghanaians should not be left behind in this petroleum hub agenda. I urge you to make inputs where necessary for us to get a strong document, very much fit for purpose.” Dr Prempeh stated.

He reminded the board that in its oversight duties, noting that it was critical that they get things right from the onset, as they have a responsibility to position the corporation as the face of the government in this enterprise.

The Chairman of the board, Awulae Annor Adjaye III, expressed the appreciation of the team for their appointment and pledged they would provide the strategic leadership essential to the success of the new entity.

Other members of the board include Mr Charles Owusu, Acting Chief Executive Officer of the PHDC, Mr Kwame Asante Nsiah, Mr Humphrey Ayim Darke, Mr Senyo Kwasi Hosi, Mr David Ampofo, Maame Ofewah Sarpong and Samuel Erickson Abakah.

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