Ghana’s parliament has passed into law a bill proposing the establishment of Petroleum Hub Development Corporation.
Majority Leader, Hon. Osei Kyei Mensah Bonsu moved a motion for the Petroleum Hub Development Corporation Bill, 2020 to be passed into law.
The motion was seconded by the MP for Tamale South, Hon. Haruna Iddrisu, and was read for the third time.
The Bill has subsequently been passed.
With the passage of the law and the implementation committee of the Petroleum Hub Project already in place, government has now been given the green light to set up the Petroleum Hub Dev’t Corporation to see to the actualization of the project.
The project, which is a private sector driven, is expected to attract an investments of about $50billion by the end of 2030.
It is one of the government’s strategic anchor initiatives that would serve as a new pillar of growth in the Ghanaian economy.
It would accelerate the growth of Ghana’s petroleum downstream sub-sector and make it a major player in the economy and, consequently, ensure development of sustainable value, wealth creation and the progress of the industry.
The petroleum hub, which will occupy a land space of about 20,000 acres, would have four refineries each with a capacity of 150,000bpd, two oil jetties, storage tanks for crude and two petrochemical plants.
It is expected to transform the economy through export tax of about $1.56 billion by 2030, increase GDP by about 70 percent and create jobs in excess of 780,000.