Accra: Professor Omowumi O. Iledare, a notable petroleum economist and Director of the Energy Information Division at the Centre for Energy Studies, has raised concerns about the delay in the execution of Ghana's Petroleum Hub project. He warned that Ghana is at risk of falling behind other significant energy initiatives if the project does not commence soon.
According to Ghana Web, Professor Iledare, speaking at the Ghana Biennial International Summit and Exhibition (GH-BISE), emphasized that Ghana's aspiration to become Africa's energy hub could have been strengthened if the Petroleum Hub initiative had been accelerated before the Dangote Refinery. He highlighted that such delays in developing essential energy infrastructure contribute to Africa's energy sector lagging behind other continents.
Iledare remarked on the historical context, comparing Ghana's missed opportunities to South Korea's rise during the era of Nkrumah. He pointed out that if the Ghanaian government had acted promptly on the Petroleum Hub, it could have surpassed the Dangote Refinery. The expert stressed the need for African governments to provide substantial support to investors and operators in the oil and gas industry to fully capitalize on the continent's resources.
He cited Dangote Refinery as an example of a project that benefited from significant Nigerian government support, which was crucial to its success. He suggested that if Dangote were candid, he would acknowledge the government's vital role in his achievements.
On the other hand, Onasis Rosely, the Deputy Chief Executive Officer for Operations and Technical at the Petroleum Hub Development Corporation (PHDC), asserted that Ghana and the PHDC have established adequate incentives to ensure attractive returns for investors. Rosely argued that African nations must ensure they are not disadvantaged in their quest to draw investment for their hydrocarbon resources.
The Petroleum Hub Project, set to be located in Jomoro in Ghana's Western Region, will include three refineries with a total capacity of 900,000 barrels per stream day (BPSD), five petrochemical plants with a minimum capacity of 90,000 BPSD, storage tanks with a cumulative capacity of 10 million cubic meters, and at least two jetties for import and export activities. The project aims to establish Ghana as a prominent petroleum and petrochemical hub in Africa, enhancing regional energy security and economic integration.