Ghana’s petroleum hub project is export-driven, says Charles Owusu

The planned 20,000-acre petroleum hub is expected to be a game changer for the Ghanaian economy, generating an estimated US$1.56 billion in export tax by 2030, boosting GDP by 70%, and creating over 780,000 jobs

Ghana is aiming to become a West African energy powerhouse with the development of a massive new export-driven petroleum hub, according to the CEO of the Petroleum Hub Development Corporation (PHDC).

Charles Owusu, CEO of PHDC, outlined the ambitious plans on the Asaase Breakfast Show (ABS) on Friday (14 June).

The hub, planned for Jomoro Municipality in the Western Region, is designed to complement existing infrastructure like the Tema Oil Refinery (TOR) and propel Ghana towards becoming theRotterdam of Africa,echoing President Nana Akufo-Addo’s vision.

“This whole project is an export-driven strategy,Owusu said.The president said he wants Ghana to be the Rotterdam of Africa, so the concept of the petroleum hub is not for the domestic market.”

There’s existing infrastructure so the hub is just to complement; so we have TOR, we have Sentuo [Oil Refinery] coming on board, we have Dangote, so it’s just to complement and if we have Ghana-Nigeria becoming the energy solution in line with the African Continental Free Trade Area (AfCFTA), that is where we are looking at. So it is not the domestic market that we are looking at.”

Owusu added that Ghana’s petroleum hub project will target the Economic Community of West African States (ECOWAS) and beyond.Now that we have one market, we are looking at about 3.3 trillion combined GDP and 1.3 billion market,the PHDC CEO said.

“If you look at the demand within the continent, even complementing Dangote, TOR and Sentuo, there will still be a gap because, remember, Africa is the last frontier and we are yet to transform population-wise, in terms of industrialization-wise and all of that, our energy needs is very critical.”

The planned 20,000-acre hub is expected to be a game-changer for the Ghanaian economy, generating an estimated US$1.56 billion in export tax by 2030, boosting GDP by 70%, and creating over 780,000 jobs.

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