Ghana has entered into a $28bn agreement with a consortium led by United Arab Emirates-based Global Sphere for the proposed expansion of its petroleum hub in Jomoro, Western Region.
The government-owned Petroleum Hub Development Corporation (PHDC) signed the deal, which took place in Accra. The development represents the start of the project’s second phase.
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The consortium includes investors and technical partners from South Korea and Mali.
However, financing, land acquisition and compensation issues remain unresolved and must be addressed before construction can begin.
The proposed development, referred to as Lot Two, would see the creation of a refinery with a planned capacity of 300,000 barrels per stream day, two petrochemical plants, storage facilities for up to four million cubic metres (mcm) of petroleum products and a multi-berth jetty.
The project is expected to take five years to complete, with initial construction at the Jomoro site targeted for the first quarter of 2027, pending the fulfilment of key preparatory requirements.
According to PHDC, the agreement does not signify that the necessary funding has been secured.
The consortium is still seeking investment through both equity participation and long-term debt financing.
Ghana Minister for Energy and Green Transition John Abdulai Jinapor indicated that his office would coordinate with the Ministries of Finance and Lands and Natural Resources, as well as the Attorney-General’s Office, to address unresolved land and compensation matters.
Ghana’s plan for a major petroleum refining and trading centre predate this agreement.
In August 2024, Ghana’s then-president Nana Akufo-Addo attended a groundbreaking event linked to an earlier $12bn phase, involving plans for another 300,000-barrel refinery.
The initiative comes as regional competition grows following the commencement of operations at Nigeria’s Dangote refinery in 2024, which has increased Africa’s domestic refining capacity.
The viability of the Jomoro project will depend on securing reliable investment, finalising land arrangements and maintaining competitiveness within the changing West African petroleum market.
