The Speaker of Parliament, Alban Sumana Kingsford Bagbin, has called on key state and private sector stakeholders to rally behind the Ghana Petroleum Hub project.

He emphasised that the Petroleum Hub Development Corporation (PHDC) needed strong institutional support to effectively execute its mandate as the lead developer of the transformative initiative.

Speaking at a strategic retreat held on Saturday, June 7, 2025, between the Parliamentary Select Committee on Energy and the PHDC, Speaker Bagbin acknowledged the enormity of the challenges facing the Corporation and issued a compelling appeal for coordinated national backing.

As a member of the Energy Committee himself, the Speaker reaffirmed his unwavering commitment to the project and expressed confidence in its potential to transform Ghana’s economic fortunes.

“This initiative is a brilliant one, and PHDC cannot do it alone. They need critical partners, and one of the most crucial partners in any democratic setup is Parliament. All government agencies must collaborate with Parliament to ensure the success of this project. Failure to do so will be to our collective detriment,” he stated.

Endorsing the Petroleum Hub project as a strategic national priority, Speaker Bagbin pointed to its potential to accelerate Ghana’s transition from a lower-middle-income to an upper-middle-income economy.

“This is one of the most critical tools for national development. Ghana currently sits at the lower end of the middle-income ladder. We need bold, innovative initiatives like this to climb higher.

"Look at Singapore, a small city-state that doesn’t produce oil, yet it has become the world’s oil refining hub. Alongside that, they’ve developed thriving aviation and financial hubs,” he explained.

The retreat concluded on a high note, marked by the full participation of Members of Parliament who actively engaged with PHDC officials, posed insightful questions, and pledged their steadfast support for the realisation of the hub.

The Petroleum Hub Development Corporation (PHDC) was established under the Petroleum Hub Development Corporation Act, 2020 (Act 1053) to lead the development of a world-class petroleum and petrochemical hub in Ghana.

The hub is intended to serve the energy needs of the West African sub-region and the broader continent.

PHDC aims to promote innovation, research, and strategic infrastructure development to meet Africa’s growing demand for petroleum products and services.

By creating an integrated petroleum value chain, the Corporation seeks to unlock economic opportunities, foster industrial growth, and create sustainable employment for Ghanaians and citizens across Africa.

The Petroleum Hub Project, estimated at $60 billion, will be located in Jomoro, in Ghana’s Western Region. The hub will comprise:

Three refineries with a total capacity of 900,000 barrels per stream day (BPSD), five petrochemical plants with a minimum capacity of 90,000 BPSD, Storage tanks with a cumulative capacity of 10 million cubic meters, and at least two jetties to support import and export activities.

The project is poised to position Ghana as a leading petroleum and petrochemical hub in Africa, enhancing regional energy security and economic integration.