The Speaker of Parliament, Rt. Hon. Alban Bagbin, has reaffirmed his steadfast dedication to the Petroleum Hub initiative, exhorting the Minister of Finance, Hon. Dr. Cassiel Ato Forson, to allocate funds for compensating individuals whose lands were acquired for the Petroleum Hub project in the Mid-Year Budget Review.
In response to a statement from the Chairman of the Energy Committee advocating for an administrative directive to this effect, Speaker Bagbin clarified that, while he lacks the authority to issue such mandates, he will leverage his position to earnestly appeal to and galvanize the Minister of Finance to incorporate a $300 million compensation package into the Mid-Year Budget Review.
Speaker Bagbin underscored that the Petroleum Hub project is pivotal to resolving Ghana’s energy challenges, emphasizing that concerted national efforts and synergy are indispensable for its fruition.
He further asserted that disbursing compensation will underscore the state’s resolute commitment to the project, thereby incentivizing robust investor participation.
“Extensive research on this initiative traces back to the tenure of the late President, Professor John Evans Atta Mills. During John Mahama’s initial term, the project was actively advanced, and H.E. Akufo-Addo sustained its momentum. Now, under H.E. Mahama’s second term, it is manifest that the nation collectively recognizes this as a strategic imperative.
“We collectively implore the Minister of Finance to collaborate with the Minister of Energy to secure funding for land acquisition. Timely compensation will vividly demonstrate the nation’s unwavering dedication to the Petroleum Hub, thereby catalyzing private sector engagement.
“The transformative impact of a petroleum hub, as exemplified by Singapore, is undeniable. Although I lack the authority to issue a decree, I fervently urge the Minister to prioritize provisions for compensation in the Mid-Year Budget Review.”
In a compelling address on the floor of Parliament on Friday, June 13, 2025, the Chairman of the Parliamentary Select Committee on Energy and Member of Parliament for Ho West, Hon. Emmanuel Bedzrah, stressed the pressing necessity for a unified national focus on the Petroleum Hub Project.
Hon. Bedzrah elucidated the project’s transformative potential for Ghana’s energy and economic landscape, advocating for expedited attention to its development and operationalization.
Among his proposals, Hon. Bedzrah urged an allocation of 10 pesewas from the UPPF fund to the PHDC and insisted on a $300 million provision in the Mid-Year Budget Review to compensate landowners in Jomoro, the designated site for the project.
He anchored his demands on the project’s strategic significance to Ghana’s energy and economic sectors, asserting that it could propel the nation toward unparalleled socio-economic advancement, with projections estimating direct employment for over 780,000 Ghanaians.
“The Petroleum Hub project is of paramount national strategic importance. If addressed with the requisite urgency, it holds the potential to revolutionize Ghana’s energy sector, unlock billions in investments, and elevate our nation as a regional industrial and commercial powerhouse.
“I earnestly entreat you to appeal to the Minister of Finance to authorize the allocation of 10 pesewas from the UPPF fund to the PHDC with immediate effect and ensure a GHC300 million budgetary provision in the Mid-Year Budget Review for land compensation,” he declared.
His address garnered resounding support from lawmakers present, with several amplifying the call for swift action on the Petroleum Hub project.
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 Africa’s 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 Ghana’s 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.
