The Chief Executive Officer of the Petroleum Hub Development Corporation, Dr. Toni Aubynn, on Tuesday, January 6, 2026, joined His Excellency the President of the Republic of Ghana, John Dramani Mahama; the Legal Advisor to the President and Chairperson of the University of Ghana Governing Council, Madam Marietta Agyeiwaa Brew; the Minister of Education, Hon. Haruna Iddrisu; and a host of other ministers and high-level government officials to mark the opening of the 77th Annual New Year School and Conference.
The conference, which serves as the university’s annual flagship event, convenes government officials, private sector practitioners, and academics to deliberate on national issues under the theme โBuilding the Ghana We Want Together for Sustainable Development.โ
In his address at the event, held at the Great Hall of the University of Ghana, President John Dramani Mahama outlined key steps initiated by his government to reset the country during its first year in office.
President Mahama highlighted that initiatives such as the 24-Hour Economy, the Big Push, and the Accelerated Export Development Programme, which are currently under implementation, are designed to advance national development and prevent economic setbacks that could necessitate a return to the IMF.
He expressed his administrationโs commitment to resetting the country and establishing structural developmental changes that future leaders would find difficult to reverse, but rather build upon.
For his part, Dr Toni Aubynn commended the President and the Honourable Minister of Finance for the notable improvements observed in key aspects of the Ghanaian economy.
He observed that the upward trajectory in economic indicators such as GDP growth, inflation control, and the performance of the Ghanaian cedi demonstrates the outstanding performance of the Mahama-led government in its first year.
โUnder the visionary leadership of His Excellency President John Dramani Mahama and the diligent stewardship of the Honourable Dr Cassiel Ato Forson, Minister for Finance, we are witnessing a deliberate reset of the Ghanaian economy. Through fiscal discipline, prudent monetary policies, and strategic reforms, we are emerging from the challenges that placed Ghanaโs economy on the brink a few years ago.
โKey economic indicators reflect this progress: GDP growth, which stood at 2.9% in 2023, accelerated to around 5.7% in 2024 and has continued robustly into 2025, driven by agriculture, services, and downstream petroleum activities. Inflation, once a severe burden, has been brought under control, declining significantly thanks to stabilised commodity markets and effective policy measures. Employment trends show improvement, with unemployment easing amid expanded opportunities. And the cedi has gained greater stability, providing relief to businesses and citizens alike,โ he said.
Dr Aubynn stated that, while the government and the nation should celebrate these achievements, the focus must now shift to consolidating this growth and transforming it into long-term economic pillars upon which the countryโs growth can be sustained.
He positioned the Petroleum Hub project as a flagship initiative with the potential to fundamentally transform Ghanaโs economy.
In his keynote address, Professor Ishmael Yamson of Yamson and Associates described the governmentโs first year as remarkable but emphasised the need for sustained efforts to build a resilient economy.
The event also featured speeches from Madam Marietta Brew, Hon. Haruna Iddrisu, the Vice-Chancellor of the University of Ghana, the Governor of the Bank of Ghana, Dr Johnson Asiama, and the CEO of the National Petroleum Authority, Edudzi Tameklo.
About the PHDC
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 Africaโs 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.
About the Petroleum Hub Project
The Petroleum Hub Project, estimated at $60 billion, will be located in Jomoro, in Ghanaโs 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.
