A United Arab Emirates-led consortium has signed a $28 billion agreement with Ghana’s Petroleum Hub Development Corporation (PHDC) to develop a refinery and petrochemical facilities at Jomoro in the Western Region, as part of the second phase of the country’s petroleum hub project. The consortium, led by Global Sphere and comprising partners from the UAE, Korea and Mali, plans to build a refinery with a capacity of 300,000 barrels per stream day within five years under a build-own-operate arrangement. The project also includes two petrochemical plants, storage facilities with a combined capacity of four million cubic metres and a multi-berth jetty. Construction is expected to begin in the first quarter of 2027, subject to technical preparations. Financing arrangements are still being developed, according to the consortium. Speaking at the signing ceremony, Energy and Green Transition Minister Dr. John Abdulai Jinapor said the project supported the government’s plans to expand domestic petroleum processing and supply regional markets.

He said Ghana’s oil production was beginning to recover after five years of decline, citing a $1.5 billion framework agreement with Eni, a $2 billion agreement with the Jubilee partners and ongoing deepwater drilling campaigns. “But the vision of the President is simple. We cannot increase oil production without adding value to that oil resource,” Jinapor said. He said the proposed refinery’s capacity would enable Ghana to supply markets across the West African subregion. “So to process 300,000 barrels would mean that you are not just feeding Ghana, that you are satisfying the rest of the sub-region,” he said. Jinapor pledged government support and said he would work with other ministers to fulfil its commitments under the agreement. Consortium representative Boubacar Belco Bah described the signing of the investment and land development agreement as a step towards expanding industrial capacity in Ghana and West Africa. He said African economies had long exported raw materials while importing products they could manufacture domestically. Bah said the consortium and its development partners were working to mobilise investment and structure financing for the second phase through equity participation, long-term debt and credit enhancement and risk mitigation arrangements. He stressed that the signing did not mark the completion of the financing process. “Ultimately, our success will be measured not by the agreement we sign today, but by the commitments we honour and the results we achieve together,” he said. Bah said the project could support the government’s 24-Hour Economy and Accelerated Export Development agenda through employment, vocational and technical training, supplier development and opportunities for Ghanaian businesses. PHDC Chief Executive Toni Aubynn said the signing came 580 days after he took office, following efforts to prepare the project and attract investors. He said the corporation had designated 2026 its “Year of Action” and had laid the groundwork for implementation. Aubynn thanked President John Dramani Mahama for his commitment to the project, citing a meeting in November 2025. He also acknowledged Jinapor, Deputy Energy and Green Transition Minister Richard Gyan-Mensah and other stakeholders. He said the project’s success would be measured by the infrastructure completed, investment delivered, jobs created and lasting benefits for Ghana.