Accra: Dr. Toni Aubynn, Chief Executive Officer of the Petroleum Hub Development Corporation (PHDC), has hailed the Petroleum Hub project as a transformative initiative that will establish Ghana as a leading energy and petrochemical hub in Africa.
According to Ghana News Agency, Dr. Aubynn elaborated on the project's potential during an exclusive interview, emphasizing its role in Ghana's ambitious plan to industrialize and generate employment through energy investments.
The hub, to be situated in Jomoro in the Western Region, represents a substantial effort to attract both local and foreign investors by developing the area under a Free Zones model. The government has already allocated land for the project, which will host refineries, petrochemical plants, tank farms, and port facilities. Dr. Aubynn highlighted that investors would benefit from several incentives, such as a tax-free period during construction and a 10-year tax holiday, followed by a reduced 15 percent corporate tax rate.
Efforts are underway to streamline processes for investors, with the PHDC initiating inter-agency dialogues to reduce permit acquisition time from over 349 days to just one month. The hub, while primarily a private-sector-driven project, will see the government playing a facilitative role to ensure a conducive investment environment.
Dr. Aubynn also noted that the hub would evolve into a modern city with facilities including a university-grade hospital, hotels, and financial institutions. Drawing from Malaysia's experience, where similar projects created substantial employment, Ghana's Petroleum Hub is projected to directly employ between 500,000 and 800,000 people at full capacity.
The PHDC CEO stressed that the project's job creation potential aligns with President John Dramani Mahama's 24-hour economy policy and the Big Push agenda aimed at industrial growth. With support from key government ministers, the project is poised to succeed under the African Continental Free Trade Area, offering customs and trading advantages to investors.
To prepare the local workforce, the PHDC has started training Ghanaians, particularly from Jomoro, equipping them with the necessary skills for the hub's operations. Partnerships with local and international universities are also being formed to enhance workforce readiness.
Dr. Aubynn is optimistic that within the next decade, the Petroleum Hub will significantly boost Ghana's economy, increasing it by over 70 percent through petrochemical production and exports. The project is anticipated to transform Ghana into a major exporter of refined petroleum, plastics, and fertilizers within Africa.