A US$28-billion agreement signed between the Petroleum Hub Development Corporation (PHDC) and an investment consortium led by Global Sphere of the United Arab Emirates has rekindled optimism across the Ghanaian and broader African energy sectors that the continent’s pursuit of energy security is firmly on course.
At a signing ceremony held in Accra on Monday, 19 October 2026, the Chief Executive Officer of the PHDC, Dr Toni Aubynn, and Boubacar Belco Bah, representing a consortium of UAE, Malian and Korean investors, formally executed the Memorandum of Understanding securing Lot 2 of the transformative Petroleum Hub project.
According to details disclosed at the well-attended ceremony, the consortium is expected to develop, within five years, a world-class refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, four million cubic metres of storage infrastructure, and a multi-berth jetty.
Implementation is scheduled to commence immediately with on-site activities at the project location in Jomoro expected to begin in the first quarter of 2027, with strong anticipation that the agreement will deliver substantial and lasting transformative benefits.
In his address, the Minister of Energy and Green Transition, Hon. Dr John Abdulai Jinapor, mentioned that the Petroleum Hub project is indispensable to President John Dramani Mahama’s vision for Ghana’s energy sector, noting that, with Ghana recording significant advances in the upstream sector of its oil and gas industry, it has become imperative to establish infrastructure linking the upstream and downstream sectors and the Petroleum Hub, he affirmed, provides the ideal solution.
The Minister reiterated that his Ministry will extend full support to the PHDC and the investors in the development of Lot 2.
“Government has been working tirelessly to develop this sector. The President’s vision is clear: we cannot increase oil production without adding value to our resources. That is why the Petroleum Hub constitutes a pivotal element of the entire petroleum value chain.
“We have collaborated closely with Dr Toni Aubynn and his team to realise this ambition. I am delighted that today we are securing investors and partners through this US$28-billion agreement. Today’s signing ceremony is not the culmination of the process; it is the beginning,” he stated.
Boubacar Belco Bah, speaking on behalf of the consortium, affirmed the group’s strong commitment to fulfilling the terms of the agreement and advancing construction of the project. He emphasised that the consortium would continue to work closely with the PHDC to ensure strict adherence to the timelines set out in the agreement.
“Ultimately, our success will be measured not by the agreement we sign today, but by the commitments we honour and the results we achieve together.
“We are committed to collaborating closely with the PHDC, AMS Technologies, the Project Development Consortium, and qualified technical and financial institutions to advance a project that is technically credible, commercially sustainable, and financially bankable.
“Our approach will prioritise rigorous project preparation, responsible risk allocation, transparent governance, and effective stakeholder coordination. We also intend to combine international expertise with meaningful participation by Ghanaian contractors, professionals, and service providers,” he said.
On his part, the Chief Executive Officer of the PHDC, Dr Toni Aubynn, described the MoU as a major milestone for the Corporation, made possible only through the unwavering support of His Excellency President John Dramani Mahama and the sector Minister, Dr John Abdulai Jinapor.
He highlighted the project’s central role in Ghana’s economic and energy transformation and assured stakeholders that the PHDC, under his leadership, would ensure effective implementation of the agreement.
“To our investors, welcome. You have made a significant commitment, and we recognise the confidence that commitment represents. The Petroleum Hub Development Corporation will provide the necessary support systems to help translate this partnership into a successful project.
“And to the management and staff of the Petroleum Hub Development Corporation, I wish to speak directly to you.
“We have come a long way since 18 March 2025. We have navigated uncertainty, undertaken engagements at various levels, and laid the foundations for the progress we celebrate today.
“Yet the signing of this agreement is not the end of our work. It is the beginning of a new chapter of responsibility. The true measure of our success will be the infrastructure we build, the investments we deliver, the jobs we create, and the lasting value we leave for the people of Ghana,” he concluded.
Among those present at the ceremony were the Deputy Minister for Energy, Richard Gyan-Mensah; the Deputy Minister for Transport, Dorcas Afo Toffey; the President of the Western Regional House of Chiefs, Nana Kobina Nketsia; the Paramount Chief of the Western Nzema Traditional Area, Awulae Kwasi Armahchi III; the Member of Parliament for Evalue-Ajomoro-Gwira, Kofi Nokoe; and a host of high-level delegates