The Chief Executive Officer of the Petroleum Hub Development Corporation (PHDC), Dr. Toni Aubynn, has disclosed that the corporation is actively exploring a range of funding sources to facilitate compensation payments for the 20,000-acre land earmarked for the Petroleum Hub project in Jomoro, Western Region.
Speaking on the Joy Super Morning Show, Dr. Aubynn explained that while PHDC is seeking government support to fulfill its compensation obligations, it is also in advanced discussions with private investors and financial institutions to secure the necessary funding.
“We’re having productive engagements with financial institutions, and some of these discussions are already progressing well,” he noted.
Dr. Aubynn further revealed that the Corporation is in talks with the consortium responsible for the project’s first phase, exploring the possibility of allocating a portion of their investment toward initial compensation payments.
“The main hurdle is securing the funds needed to pay compensation and o
btain a clean title to the land,” he stated. “Investors require that clarity before moving forward, as it’s a critical component of the Memorandum of Understanding (MoU). We’re speaking with the consortium about contributing part of their $12 billion investment to kick-start the compensation process. Meanwhile, we and the government continue to explore other funding avenues, including support from banks.”
In 2024, the Government of Ghana signed an MoU with the TCP-UIC Consortium — comprising Touchstone Capital Group Holdings Ltd., UIC Energy Ghana Ltd., China Wuhan Engineering Co. Ltd., and China Construction Third Engineering Bureau Co. Ltd. — for the development of the first phase of the Petroleum Hub project in Jomoro.
Although construction was initially scheduled to begin in the first quarter of 2025, delays in compensation payments have slowed progress. Dr. Aubynn, however, reaffirmed PHDC’s commitment to ensuring timely disbursement of compensation to affected landowners to facilitate the project’s take-off.
Below are some excerpts from the interview
