Ghana passes landmark Petroleum Hub Bill
ACCRA, October 27, 2020 – The Ghanaian parliament has passed the Petroleum Hub Development Corporation Bill, aimed at creating an oil, gas and petrochemicals hub in the country.
The bill, passed on Monday, will establish a free zone area in the Western Region’s Jomoro District where refining and petrochemicals facilities will work to supply the domestic and West African markets.
“This project will see to an increase in the presence of major international oil trading and storage companies while encouraging public-private partnerships and joint ventures between local companies and international companies,” a memorandum accompanying the bill said.
In 2019-2020, The Energy Year spoke to oil and gas executives in Ghana about the country’s potential as a petroleum hub. Here are some of the comments from leaders in the local industry:
“The establishment of a petroleum and petrochemicals hub in the country is part of the government’s strategic development initiative aimed at promoting socioeconomic growth. The central location of the country, political and macroeconomic stability, access to the regional market and proximity to international shipping routes all make Ghana ideal.” –Minister of Energy Hon. John Peter Amewu
“In terms of business, everything is easier in Ghana. We have laid solid foundations and we enjoy an ease of doing business here. The government’s plan to make Ghana an oil and gas hub is a very good initiative and one that is achievable. Over the past few years we have seen a lot of activities geared towards that goal, including the entry of giants like ExxonMobil, which is a positive sign that the sector is growing.” –Kevin Okyere, founder and CEO of Springfield Group
“Ghana is perfectly situated from a geographical and strategic point of view, and the vision for Ghana as a hub for West Africa will be long term, potentially 30 years from now, so there is a need to start planning and investing towards this today.” –Randi Cruz, managing director of ExxonMobil Exploration & Production Ghana (Deepwater)