24-Hour Economy drive attracts $700m investment in chemical production

The 24-Hour Economy and Accelerated Export Development Authority (24H+) has signed a Memorandum of Understanding (MoU) with Petrochemical Holding GmbH (PCH) to establish two major industrial projects in Ghana, with an estimated investment value of about US$700 million.

The projects include an integrated chemical production complex for sodium cyanide and chlor-alkali (caustic soda), as well as a gold tailings recovery and environmental remediation platform.

According to the Authority, the investment in the proposed chemical production facility underscores efforts to attract large-scale capital under Ghana’s 24-hour economy programme aimed at boosting manufacturing and export capacity.

The private vehicle for the projects will be GreenRock Petrochemical Ghana Limited, a joint venture between GreenRock, a Gulf-region company, and Petrochemical Holding GmbH. GreenRock is expected to provide financing and strategic support, while PCH brings over 30 years of experience in petrochemicals, chemicals, and large-scale project delivery.

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Under the agreement, the partners will also develop a structured programme for gold recovery and environmental remediation. This will involve identifying suitable sites, testing recoverable materials, extracting economic value where viable, and supporting environmental rehabilitation efforts.

The initiative is also expected to promote responsible mining practices while improving environmental protection, particularly in water systems affected by mining activities.

The MoU further aligns with government efforts to strengthen local production, reduce import dependence, and expand value addition across the mining and industrial sectors.

The chemical production complex is expected to reduce Ghana’s reliance on imported sodium cyanide and caustic soda, while positioning the country as a potential supplier to the wider West African market.

By using salt as a key feedstock, the plant will produce caustic soda and other chlor-alkali products for use in water treatment, disinfection, and industrial applications.

Speaking on the deal, the Presidential Adviser on the 24-Hour Economy and Accelerated Export Development Programme, Augustus Obuadum Tanoh said the partnership supports Ghana’s broader industrialisation and job creation 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 achieve this national goal,” he said.

Iakov Goldovskiy, CEO of Petrochemical Holding GmbH, said the projects could help attract significant foreign direct investment and create long-term economic value.

“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,” he stated.

The next steps include feasibility studies, regulatory and environmental approvals, signing of definitive agreements, and final investment decisions on both projects.

The 24-Hour Economy Authority said the initiative forms part of efforts to reposition Ghana as a competitive, export-driven economy through expanded industrial activity and private sector partnerships.

MA