The Minister of Trade, Industry, and Agribusiness, Honorable Elizabeth Ofosu-Adjare, announced that the ministry has revised its policies and export incentives to align with the objectives of the Petroleum Hub project.
This strategic shift, according to the minister, reflects the government’s recognition of the Petroleum Hub project as the cornerstone of Ghana’s trade agenda.
Addressing a gathering of stakeholders and regulatory agencies at the inaugural PHDC Inter-Agency Dialogue, Hon. Elizabeth Ofosu-Adjare emphasized that the Petroleum Hub project is the centerpiece of the government’s export initiatives.
She highlighted that, with the implementation of the African Continental Free Trade Agreement (AfCFTA), Ghana is strategically positioned to emerge as a regional leader in the distribution of energy products.
“The Petroleum Hub project sits at the centre of Ghana’s broader trade agenda. With the advent of the Africa Continental Free Trade Agreement (AfCFTA), Ghana is uniquely positioned to become a supply hub of energy products across West Africa and the entire continent.
“At the ministry, we are focused on ensuring that trade policies, export incentives and investment frameworks are fully aligned with the strategic vision of the Petroleum Hub project,” she said.
Hon. Ofosu-Adjare also outlined the potential benefits of a successful Petroleum Hub project to Ghana’s economy.
“The successful development of the Petroleum Hub will reduce import dependency by enabling domestic production of refined petroleum and petrochemical products. It will also support the growth of allied industries such as plastics, fertilisers and pharmaceuticals.
“It will again boost non-traditional export, linked value addition and helped in the chemical production. It will strengthen our balance payment through export of revenues and foreign direct investments,” she said.
The PHDC Inter-Agency Dialogue, widely commended by stakeholders, convened key regulatory agencies and industry leaders from the energy and trade sectors to discuss streamlining permit and licensing processes for prospective investors.
Participants included the Minister of Trade and Industry, the Deputy Minister of Energy and Green Transitions, the Deputy Minister of Lands and Natrual Resources, and representatives from the National Petroleum Authority (NPA), Land Use and Spatial Planning Authority (LUSPA), Ghana Ports and Harbours Authority (GPHA), Tema Oil Refinery (TOR), and the African Continental Free Trade Agreement (AfCFTA) Secretariat, among others.