Energy
Ghana signs 28bn dollar Jomoro petroleum hub deal
Ghana has partnered with a consortium led by a United Arab Emirates firm to advance the second phase of its Jomoro petroleum hub project.
Key points
- The agreement involves a 28bn dollar investment led by Global Sphere.
- Project components include a refinery, petrochemical plants, and storage facilities.
- Financing and land acquisition issues remain unresolved before construction starts.
What happened
According to Offshore Technology, the Petroleum Hub Development Corporation of Ghana signed an agreement in Accra with a consortium headed by the United Arab Emirates-based company Global Sphere. The deal marks the beginning of the second phase for the petroleum hub development located in the Western Region.
Partners from Mali and South Korea are also part of the consortium. The proposed second phase encompasses a refinery designed to process 300,000 barrels per stream day, two petrochemical units, a multi-berth jetty, and storage capacity reaching four million cubic metres for petroleum products. Construction could start in the first quarter of 2027 if preparatory steps are met, with a five-year completion timeline.
Despite the signing ceremony, the arrangement does not guarantee that capital has been secured. The consortium continues to pursue long-term debt and equity backing. John Abdulai Jinapor, the Minister for Energy and Green Transition, stated that his department will collaborate with the Attorney-General’s Office, the Ministry of Finance, and the Ministry of Lands and Natural Resources to resolve pending compensation and land acquisition disputes.
Why it matters
Offshore Technology reported that this initiative follows earlier efforts, including a groundbreaking in August 2024 by former president Nana Akufo-Addo for a separate 12bn dollar phase featuring another 300,000-barrel refinery. These regional capacity additions emerge alongside shifting market dynamics in West Africa, influenced by the operational launch of the Dangote refinery in Nigeria during 2024.
For energy investors and policymakers across the region, large-scale refining projects must navigate complex hurdles such as securing reliable funding and resolving property rights. In Ghana, where fuel exports accounted for 8.8% of merchandise exports in 2025 according to World Bank figures provided by CEII Data, expanding domestic petroleum processing is viewed as a strategic priority to capture greater value within regional supply chains.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
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Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
