Ghana has signed a $28 billion agreement for the expansion of its Petroleum Hub project in Jomoro, Western Region, with a proposed 300,000-barrel-per-stream-day refinery expected to strengthen the country’s petroleum processing capacity and position it as a regional energy hub.
The Petroleum Hub Development Corporation (PHDC) signed the agreement with an international consortium led by Global Sphere, involving investors and technical partners from the United Arab Emirates, South Korea and Mali, in Accra on October 19, 2026.
The agreement covers the second phase of the project, known as Lot Two, and includes the development of a refinery, two petrochemical plants, storage facilities with a combined capacity of four million cubic metres and a multi-berth jetty.
According to the project details reported by Ghanaian media, the facilities are expected to be developed within five years, with construction scheduled to begin in the first quarter of 2027, subject to the completion of preparatory requirements.
The proposed investment represents a significant step in Ghana’s efforts to expand domestic petroleum processing, reduce dependence on imported refined products and increase value addition in its energy sector.
However, financing arrangements, land acquisition and compensation issues remain important considerations for the project’s implementation.
Boubacar Belco Bah, who represented the investment consortium at the signing ceremony, said the agreement marked progress towards an industrial development initiative intended to create opportunities for Ghana and the wider West African region.
He said the consortium was advancing investment mobilisation and financial structuring for the project, including strategic equity participation, long-term debt financing and credit-enhancement arrangements.
The financial structuring process indicates that the signing of the agreement does not mean the full $28 billion has already been secured or disbursed.
The project’s delivery will depend on the consortium’s ability to mobilise the required capital and meet the relevant implementation conditions.
Ghana’s Minister of Energy and Green Transition, John Abdulai Jinapor, said the project was central to the government’s strategy of increasing the economic value derived from the country’s petroleum resources.
He noted that expanding crude oil production without developing adequate domestic processing capacity would limit the benefits to the wider economy.
The proposed refinery’s capacity of 300,000 barrels per stream day would also provide substantial processing capacity for the regional market.
The development comes as Ghana seeks to reverse a prolonged decline in crude oil output.
According to industry reporting, the country produced 37.3 million barrels of crude oil in 2025, equivalent to an average of about 102,000 barrels per day. This is substantially below the proposed refinery’s nameplate processing capacity.
The project would therefore require a reliable crude supply strategy alongside investments in logistics, storage and downstream distribution to achieve its intended commercial objectives.
Ghana’s Petroleum Hub is a broader, multi-phase infrastructure initiative designed to establish an integrated petroleum and petrochemical complex in Jomoro. The overall project has been estimated at $60 billion and is intended to include three refineries, petrochemical plants, storage facilities and marine infrastructure.
The second-phase agreement follows a separate $12 billion deal signed in 2024 for the first phase of the project. Despite a groundbreaking ceremony in August 2024, the earlier phase has faced implementation challenges, including land acquisition and compensation issues.