Energy Minister, Hon. Dr. Matthew Opoku Prempeh has inaugurated the maiden governing of the newly-established Petroleum Hub Development Corporation this morning on behalf of President Akufo-Addo.
The petroleum hub is one of government’s strategic initiatives that would serve as a new pillar of growth for the Ghanaian economy. It would accelerate the growth of Ghana’s petroleum downstream sector and make it a major player in the economy and, consequently, ensure development of sustainable value, wealth creation and the progress and prosperity of the industry.
Ghana aspires to become a hub for refined petroleum products in the West African sub-region and beyond by the year 2030. Government will provide land and basic infrastructure such as roads, water, and electricity, among others.
The hub will occupy a land space of about 20,000 acres and would have four refineries each with a capacity of 150,000bpd, two oil jetties, storage tanks for crude and two petrochemical plants. It is expected to transform the economy through export tax of about $1.56 billion, increase Ghana’s GDP by about 70 percent and create jobs in excess of 780,000.
In his remarks, the Minister urged the new board to ensure a very fine partnership between the PHDC and the NPA in the prosecution of your mandate. “There are on-going efforts to enhance value maximization within the downstream petroleum arena and one of the key ways is for our country to have in place a Ghanaian content and Ghanaian participation regulations. This will ensure that our people have the opportunity to participate fully in our industry. Ghanaians should not be left behind in this petroleum hub agenda. I urge you to make inputs where necessary for us to get a strong document, very much fit for purpose.” Dr Prempeh added.
Dr. Prempeh further reminded the board that in its oversight duties with respect to this new organization, it is critical that they get this right from the get-go. He added that the development of the hub will increase the presence of major international oil trading and storage companies, create regional trading champions and encourage joint ventures between local and multi-national companies for knowledge transfer and wealth creation, and that they therefore have a responsibility to position the corporation as the face of the government of Ghana in this enterprise.
The Chairman of the board, Awulae Annor Adjaye III, expressed the appreciation of the team for their appointment and pledged they will provided the strategic leadership essential to the success of the new entity. Other members of the board include Mr. Charles Owusu, Acting Chief Executive Officer of the PHDC, Mr. Kwame Asante Nsiah, Mr. Humphrey Ayim Darke, Mr. Senyo Kwasi Hosi, Mr. David Ampofo, Maame Ofewah Sarpong and Hon. Samuel Erickson Abakah.