NewzThe Minister of Energy and Green Transition, Dr John Jinapor, has reaffirmed government’s commitment to creating a credible, competitive and investor-friendly energy sector to attract investment and support sustainable growth. “As a government, we are committed to building a credible, competitive and investor-friendly energy sector anchored on certainty, predictability and transparency,” Dr Jinapor said in a Facebook post following bilateral meetings with key industry players on the sidelines of African Energy Week. The meetings brought together companies already operating in Ghana and prospective investors interested in exploring opportunities in the country’s energy sector.
The companies commended Ghana for the economic turnaround achieved within a year and the government’s efforts to make the energy sector more attractive to investors. “These principles are cardinal to strengthening investor confidence, fostering long-term partnerships and creating an enabling environment for sustainable investment and growth in the energy sector,” he added. In a related development, Dr Jinapor witnessed the signing of a partnership agreement between the Petroleum Hub Development Corporation (PHDC) and Global Sphere for Phase Two of the Petroleum Hub Project.
He described the partnership as a significant milestone in Ghana’s ambition to become West Africa’s leading energy hub. The minister said the project would help drive industrialisation, attract investment, create jobs and strengthen the country’s energy security. The project, scheduled for development over five years, will comprise a refinery with a capacity of 300,000 barrels per stream day, two petrochemical plants, storage facilities with a combined capacity of four million cubic metres and a multi-berth jetty.
Dr Jinapor commended all stakeholders for their commitment to the project and pledged to work closely with the PHDC to fulfil the government’s obligations and move the initiative from agreements to actual construction. I will engage the Minister of Finance and the Attorney-General. I will also bring on board the Minister of Lands and Natural Resources so that, together, we can guide this project and provide the necessary backing,” he said.
He also commended the PHDC, led by its Chief Executive Officer, Dr Toni Aubynn, for its efforts to advance the initiative, stressing the need … The Minister for Energy and Green Transition, Dr John Abdulai Jinapor, has pledged to lead inter-ministerial engagements to resolve outstanding land acquisition, compensation and financing issues delaying the development of Ghana’s Petroleum Hub. Dr Jinapor said he would engage the Ministries of Finance and Lands and Natural Resources, as well as the Attorney-General’s Office, to address the challenges and create the conditions necessary for the project to progress.
His commitment follows the signing of a Memorandum of Understanding (MoU) between the Petroleum Hub Development Corporation (PHDC) and an investment consortium led by Global Sphere of the United Arab Emirates for the development of Lot 2 of the project. Speaking at the signing ceremony, Dr Jinapor said the interest demonstrated by investors must be matched by decisive action from government institutions to remove obstacles to implementation. The minister pledged to work closely with the PHDC to fulfil the government’s obligations and ensure the project moves beyond agreements to actual construction.
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