President Nana Addo Dankwa Akufo-Addo of Ghana inaugurated the $12 billion Petroleum Hub project in Nawule, Western Region on August 19, 2024. This initiative is a crucial step towards energy independence and economic growth for Ghana.
The project, unfolding in three phases, aims to elevate Ghana’s position in the African energy landscape. By strategically leveraging the African Continental Free Trade Area, Ghana aims to influence intra-African trade and reduce dependency on external sources.
The hub will consist of a high-capacity refinery, a petrochemical plant, and extensive storage and port facilities. This setup aims to diversify and strengthen Ghana’s energy sector, linking it efficiently to regional markets.
President Akufo-Addo highlighted the project’s potential to create about 780,000 jobs, stabilize Ghana’s economy, and protect local biodiversity through advanced technologies. The TCP-UIC consortium will lead the first phase, ensuring expert guidance and financial stability.
The project also includes benefits for local communities, such as compensation for landowners and training opportunities for 200,000 Ghanaians. The collaboration between government, traditional leaders, and the private sector underscores the collective commitment to transforming Ghana’s economic and energy sectors.