Ghana has signed a memorandum of understanding worth $28 billion with an international investor consortium to develop the second phase of its planned oil and petrochemical hub in Jomoro, in the Western Region, as the country seeks to expand domestic refining and strengthen its energy security.

The agreement was signed on October 19, 2026, by the state-owned Petroleum Hub Development Corporation (PHDC) and a consortium led by UAE-based Global Sphere, involving investors and technical partners from South Korea and Mali.

The project forms part of Ghana’s ambition to become a major regional centre for petroleum refining, storage and petrochemical production, reducing its dependence on imported refined fuels while supplying markets across West Africa.

Plans for the Jomoro complex include a refinery with a capacity of 300,000 barrels per day, two petrochemical plants, storage facilities capable of holding four million cubic metres of products, and a marine terminal designed to handle large-scale shipments.

Construction is expected to begin in the first quarter of 2027, with the overall development estimated to take about five years. However, the project remains at the planning and preparation stage, and the announced investment should not be interpreted as funding that has already been fully secured or disbursed.

The proposed refinery would be significantly larger than Ghana’s current domestic crude oil production. The country produced an average of around 102,000 barrels of oil per day in 2025, meaning the facility would need substantial additional crude supplies if national output does not increase considerably.

Securing reliable feedstock, financing the infrastructure and completing land acquisition and compensation arrangements will therefore be important challenges for the project.

Supporters say the hub could create jobs, attract foreign investment and expand Ghana’s industrial base by allowing more petroleum products to be processed locally. It could also strengthen the country’s position in the regional energy market, where demand for fuels and petrochemical products continues to support investment in refining and storage capacity.

The Jomoro development builds on an earlier phase launched in 2024, which has faced implementation challenges, including land-related issues and compensation for affected communities.

The success of the new agreement will depend on whether the consortium and the Ghanaian authorities can turn the proposed investment into a fully financed project and deliver the infrastructure on schedule.