Ghana's Petroleum Hub Development Corporation has signed a $28 billion Build-Operate partnership agreement for Lot Two of the Petroleum Hub project, bringing on board an international consortium led by Global Sphere with investors and technical partners from South Korea, the United Arab Emirates and Mali.
PHDC Chief Executive Dr Tony Aubynn called the deal one of the biggest single investments the country has ever attracted, framing it as more than just a financial milestone.
"This commitment ranks among the largest industrial investment ever mobilized in Ghana and stands as a powerful vote of confidence in our country's stability, leadership and long-term economic prospect." - Mr. Aubynn
What's Actually Being Built
Lot Two is no small undertaking. It covers a refinery with capacity for 300,000 barrels per stream day, two petrochemical plants, storage infrastructure rated at four million cubic metres, and a multi-berth jetty.
Aubynn said the full package is expected to take shape within five years, with ground preparation at the Jomoro site set to begin in the first quarter of 2027, pending completion of outstanding preparatory requirements.
For Aubynn, the real value of the project sits in what it opens up beyond the physical infrastructure itself.
"Beyond every refinery, storage facility, petrochemical plant and jetty are opportunities for Ghanaian engineers, technicians, artisans, entrepreneurs, contractors and small businesses," he said, pointing to skills development, technology transfer and job creation as outcomes that matter just as much as the refinery's output numbers.
He positioned the Hub as a potential anchor for Ghana's broader ambitions in West African energy, manufacturing and logistics, not just a local refining project but a regional play.
Tying It to the 24-Hour Economy
Aubynn drew a direct line between the Petroleum Hub and President Mahama's 24-hour economy agenda, pointing to how similar energy infrastructure has functioned in other countries.
"Experiences in Singapore, Malaysia and elsewhere suggest that there can be no better candidate for the 24-hour economy strategy than a fully functional Petroleum Hub." - Mr. Aubynn
He also linked the project to Ghana's bid to better insulate itself from shocks in global energy markets, arguing that domestic refining and storage capacity at this scale reduces exposure to external disruptions.
Aubynn was careful not to treat the signing ceremony as the finish line. He described it instead as the start of a new phase of accountability for the corporation, one that will be judged by delivery rather than paperwork.
"The true measure of our success will not be the agreement we sign, but the infrastructure we build, the investment we realize, the jobs we create, the industries we establish, and the lasting value we deliver to the people of Ghana." - Mr. Aubynn
Whether the $28 billion commitment translates into completed refineries and petrochemical plants on schedule will depend on how smoothly the preparatory work at Jomoro proceeds over the coming months, with construction activity expected to begin in earnest early in 2027.
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