Ghana Signs US$28 Billion Deal for 300,000-Barrel Refinery in Jomoro

According to a report by ChannelOne News published on October 19, 2026, Ghana has secured a US$28 billion investment agreement with an international consortium to develop the second phase of the Petroleum Hub project in Jomoro in the Western Region. The project is expected to strengthen the country’s energy industry, attract foreign investment and create employment opportunities.

The agreement was signed by the Petroleum Hub Development Corporation (PHDC) and a consortium of investors and technical partners led by Global Sphere. The consortium includes partners from South Korea, the United Arab Emirates and Mali.

Chief Executive Officer of the Petroleum Hub Development Corporation, Dr. Toni Aubynn, described the agreement as a major milestone in efforts to move the project from planning to implementation.

Under the agreement, the second phase, also known as Lot Two, will include a refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, storage facilities with a capacity of four million cubic metres and a multi-berth jetty.

The facilities are expected to be developed within five years, with initial construction activities scheduled to begin in the first quarter of 2027, subject to the completion of preparatory requirements.

The project is intended to position Ghana as a major centre for petroleum refining, storage, petrochemical production and energy trading in West Africa. It is also expected to create opportunities for Ghanaian engineers, technicians, artisans, contractors and small businesses.

Dr. Toni Aubynn said the investment could support skills development, technology transfer and industrial expansion while strengthening Ghana’s position in regional energy markets.

The Minister for Energy and Green Transition, Dr. John Abdulai Jinapor, also expressed the government’s commitment to supporting the project and creating an environment that enables investors to fulfil their obligations.

The Petroleum Hub forms part of Ghana’s broader industrialisation and energy security ambitions. If successfully completed, it could help reduce dependence on imported petroleum products and support economic activity under the government’s 24-hour economy initiative.

However, the signing of the agreement represents a commitment to develop the facilities, not confirmation that construction has been completed or that the refinery is already operational. The project’s success will depend on turning the investment agreement into actual financing, infrastructure and jobs for Ghanaians.

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