President Mahama touts $28 billion deal for second phase of Petroleum Hub project

President John Dramani Mahama has commended the Petroleum Hub Development Corporation (PHDC) for securing a US$28 billion partnership agreement with a consortium led by Global Sphere for the development of the second phase of Ghana’s Petroleum Hub project.

Speaking at the opening of the 15th Local Content Conference and Exhibition (LCCE) in Takoradi on Tuesday, November 10, 2026, President Mahama expressed support for the agreement, describing it as a demonstration of the government’s commitment to strengthening linkages between the upstream and downstream segments of the oil and gas industry to maximise national value.

“Our petroleum resources can support a much wider industrial economy. That is the purpose of linking upstream production with domestic refining, gas processing and petrochemical manufacturing.

How a $25,000 loan helped start Fidelity Bank

“The US$28 billion agreement between the PHDC and a consortium led by Global Sphere for Phase Two forms part of our efforts to position Ghana as a regional hub for refined petroleum and petrochemical products,” the President stated.

President Mahama also highlighted the revival of Ghana’s upstream oil and gas sector, noting that crude oil production currently exceeds 120,000 barrels per day.

He said the country could not fully realise the benefits of its petroleum resources without the necessary infrastructure for crude oil refining and its integration with petrochemical manufacturing.

The Minister for Energy and Green Transition, Dr John Abdulai Jinapor, also described the revival of the upstream sector as a critical step towards positioning Ghana as a regional oil and gas hub.

Dr Jinapor said the gains being recorded in the upstream sector would contribute significantly to the country's economic transformation. He also emphasised the importance of local content in ensuring that the benefits of the industry were widely shared.

In October 2026, the PHDC announced a US$28 billion partnership agreement with an international consortium of investors and technical partners led by Global Sphere for the development of the second phase of Ghana’s Petroleum Hub project.

The consortium, which comprises partners from South Korea, the United Arab Emirates and Mali, is expected to lead the development of major petroleum refining, petrochemical and storage infrastructure.

Under the agreement, Lot Two will comprise a refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, storage facilities with a combined capacity of four million cubic metres, and a multi-berth jetty.

The Chief Executive Officer of the PHDC, Dr Toni Aubynn, said the facilities were expected to be developed within five years.

No new borrowing for New Economy Programme - Ato Forson

He added that initial construction-related activities at the project site in Jomoro were scheduled to begin in the first quarter of 2027, subject to the fulfilment of conditions precedent in the agreement and the completion of other preparatory requirements.

DR/MA

BoG Governor Gives Ghanaians Christmas Cedi Assurance | What He Promised