Editorial by Ghanaian Times: Let’s support materialisation of petroleum hub

When President Nana Addo Dankwa Akufo-Addo took power in 2017, he revealed his vision of establishing a petroleum hub in and for the country.

Thus, his government first established the Petroleum Hub Development Corporation (PHDC) in 2020 through an Act of Parliament, Act 1053, which is the Petroleum Hub Development Corporation Act, 2020.

The PHDC was to drive the promotion and development of the hub in terms of securing licenses, permits, and other required government support.

Yesterday, President Akufo-Ad­do cut the sod to begin the construction of the $60 billion petroleum hub in the Jomoro Municipality of the Western Region.

So far, there is much information about the hub, part of which talks about its benefits.

Basically, the hub is going to sit on 20,000-acre land with a coastline, intended to be the leading integrated petroleum complex to add value to the upstream and downstream oil and gas value chains in Africa.

It is planned to be executed in three phases, from this year till the end of 2036, with the first phase, estimated at $12 billion, focusing on building a 300,000-barrel per day (bpd) refinery, a 90,000-bpd petrochemical plant, a three-million cubic-meter storage facility, and a jetty with port infrastructure.

Considering even just the first phase, one would not be wrong to say that when completed, the infrastructure alone would be a beauty to behold in its locality.

Besides, the hub’s economic and other benefits are obvious, which means the whole project must become a reality no matter which political party is in power.

This is a national project for the benefit of the whole Ghanaian public.

What else would be to the benefit of even the ordinary Ghanaian if all homes and industries in the country had access to reliable, affordable, sustainable energy because the hub was towards the realisation of a modern, diversified, efficient, and financially sustainable energy economy?

The anticipation that the hub will change the face of the petro­leum industry on the continent cannot be discounted because other African countries can come here to refine their crude oil and buy some petroleum products that they would otherwise import from elsewhere far away.

As we have already expressed our hope, this hub must materialize, and if this happens, then it means all crooked lines must be straightened and rough surfaces made smooth.

When we say this, we first want to appeal that everything possible must be done to put to rest the agitations by the so-described Coalition of Concerned Nzema People, which is threatening legal action over the acquisition of the 200-acre land the hub is going to sit on.

Hopefully, prompt payment of compensation, as the Ministry of Finance releases about GH¢200 million for that purpose, would help douse the fire.

We also want to be proactive in saying that the PHDC, or for that matter, the government, must do well to ensure the fulfilment of the provisions in the agreement signed and only effect changes if the exigencies of the times demand so.

The Ghanaian Times is so happy that none of the partners can halt the project.

Let us all join President Akufo-Addo in urging all stakeholders to be guided by the vision of a prosperous and sustainable hub.