The Petroleum Hub Development Corporation (PHDC) has formally requested an urgent release of ¢300 million from the Ghanaian government. This significant sum is critical for compensating landowners and facilitating the complete acquisition of 20,000 acres of land located at Jomoro in the Western Region, a vital step for advancing Ghana’s ambitious Petroleum Hub project.

Dr. Toni Aubynn, CEO of the PHDC, underscored the absolute necessity of this funding during a meeting with journalists at the Parliamentary Energy Committee. He highlighted that unresolved compensation issues are causing critical delays, impeding the progress of the envisioned hub. Aubynn revealed that while former President Akufo-Addo had approved ¢200 million for compensation, this amount was notably not captured in the 2024 Budget, further exacerbating the funding shortfall.

The CEO stressed the pressing urgency of the situation, noting that international investors are keenly interested in the project but require full land resolution before they commit to investments. He asserted that the requested ¢300 million would be sufficient to finalize the acquisition process, paving the way for investor engagement. Dr. Aubynn reiterated the profound significance of establishing this petrochemical enclave, emphasizing its pivotal role in bolstering Ghana’s energy sector and stimulating overall economic development.

The appeal from the PHDC illuminates the persistent infrastructure funding constraints faced by Ghana as it strives to position Jomoro as a key regional energy hub. Securing the necessary land compensation is paramount for the nation to compete effectively in the global investment landscape and realize its long-term energy strategy.