Petroleum Hub will transform economy
Petroleum Hub will transform economy —MP for Upper West Akim
The National Democratic Congress (NDC) Member of Parliament for Upper West Akim, Emmanuel Drah, has stated that the government’s initiative to establish a Petroleum Hub will attract investors and potentially transform the economy.
He explained that the Jomoro-based Petroleum Hub, valued at $60 billion, aimed to enhance petroleum refining, accelerate industrial growth and generate over 780,000 jobs.
“The Petroleum Hub will cover 20,000 acres and feature a 300,000-barrel-per-day refinery, storage tanks and a petrochemical plant.
The project will boost local crude oil processing, reduce reliance on imports and attract significant investment,” Mr Drah told the Daily Graphic in an interview.
He said the Petroleum Hub project would significantly boost the economy, with projections indicating a 70 per cent increase in Gross Domestic Product (GDP).
The MP for Upper West Akim added that the hub would also generate $1.56 billion in export tax revenue by 2030, significantly boosting Ghana’s foreign exchange earnings.
He said it would also promote large-scale industrialisation across the country and establish it as a strategic player in Africa’s oil and gas sectors.
He stated that the government aimed to decrease its dependence on imports and improve regional fuel security by developing a strong downstream oil and gas industry through the project.
“The Petroleum Hub project has the potential to transform Ghana’s economy, driving growth, creating jobs, and increasing revenue.
With this ambitious downstream agenda, we can enhance regional fuel security, reduce petroleum costs, and promote economic development,” he stated.
Energy accessibility
Mr Drah stated that with a refining capacity of 300,000 barrels per day, the hub could fulfil the country’s energy needs and decrease reliance on imports, leading to improved regional fuel security and reducing the risks linked to energy supply disruptions.
He said the Hub was expected to lower petroleum costs and make energy more affordable for homes and industries, which could help boost economic growth and development.
“By providing reliable and affordable energy, the hub can help increase Ghana’s economic competitiveness and attract investment.
The project will also promote environmentally sustainable energy practices, which can help reduce the country’s carbon footprint and mitigate the impacts of climate change,” he said.
Technology transfer
Mr Drah also emphasised the potential of the Petroleum Hub in fostering technological transfer and offering opportunities for Ghanaians to gain skills and knowledge in the oil and gas sector.
“The Hub will provide training and capacity-building programmes for Ghanaians to acquire skills and knowledge in the oil and gas sector.
This will facilitate the transfer of technology from international oil companies to local Ghanaian companies, enabling them to develop their capabilities and expertise,” he said.
The legislator also stated that the Hub would promote partnerships and collaborations between local and international companies, research institutions, and universities, offering opportunities
