Government signs $12bn agreement for first phase of petroleum hub project

The Government of Ghana has signed a $12 billion agreement with TCP-UIC Consortium to develop the first phase of the Petroleum Hub project in the Western Region.

The project aims to position Ghana as a regional hub for petroleum refining, storage, and distribution, creating jobs and attracting foreign investment.

The hub will include refineries, petrochemical plants, storage facilities, and other infrastructure, with an estimated cost of $60 billion.

The project is expected to transform Ghana's economy, create over 780,000 jobs, and improve energy security, with a focus on sustainability and local content maximization.