The 24-Hour Economy and Accelerated Export Development Authority (24H+) has signed a Memorandum of Understanding (MoU) with Petrochemical Holding GmbH (PCH) to develop a $700 million integrated chemical manufacturing complex and a gold tailings recovery platform in Ghana.

The proposed investment covers the establishment of a sodium cyanide and chlor-alkali/caustic soda production facility, alongside an environmental remediation and gold recovery programme.

According to the parties, the project represents one of the largest industrial investments being pursued under the government’s 24-Hour Economy programme and is expected to create significant employment while boosting Ghana’s manufacturing and export capacity.

The projects will be implemented through GreenRock Petrochemical Ghana Limited (PCH Ghana), a joint venture between GreenRock, a Gulf-region investment company, and Petrochemical Holding GmbH, an international chemical industry group with more than 30 years of experience in petrochemicals, chemicals and large-scale industrial projects.

Under the agreement, PCH will provide the technical expertise for a structured gold recovery programme that will identify suitable sites, assess recoverable materials and support environmental clean-up and rehabilitation. The initiative is expected to improve environmental protection, safeguard water bodies and promote more responsible mining practices.

The agreement also supports President John Mahama’s broader industrial transformation agenda by strengthening local manufacturing, reducing dependence on imports, creating value across the mining supply chain and promoting long-term economic growth.

The planned chemical complex is expected to reduce Ghana’s reliance on imported sodium cyanide and caustic soda by producing the chemicals locally to meet domestic demand while supplying markets across West Africa.

The project is also intended to position Ghana as a regional supplier of critical mining and industrial inputs, reducing exposure to supply chain disruptions and global price shocks.

Using salt as its primary raw material, the facility will manufacture caustic soda and other chlor-alkali products for water treatment, disinfection and various industrial applications.

The Presidential Adviser on the 24-Hour Economy and Accelerated Export Development described the agreement as a major boost for Ghana’s industrialisation agenda.

“We welcome local and international private sector businesses, investors and development partners who align with President Mahama’s 24-Hour Economy Transformation Agenda, to work with us to help achieve this imperative national goal,” he said.

Chief Executive Officer of Petrochemical Holding GmbH, Iakov Goldovskiy, said the investment could transform Ghana’s industrial landscape.

“Large-scale industrial projects of this kind have the potential to mobilise significant direct foreign investment into Ghana and create long-term national value through jobs, industrial capacity, environmental recovery and sustainable export-led growth.”

He added, “Through this partnership, we believe Ghana can strengthen its position as a regional hub for mining chemicals, responsible resource recovery and value-added industrial production.”

The next phase of the project will include feasibility studies, regulatory and environmental approvals, negotiation of definitive agreements and final investment decisions before construction begins.