24-Hour Economy programme attracts $700m Petrochemical Investment

By Prince Antwi July 2, 2026

The 24-Hour Economy and Accelerated Export Development Authority (24H+) has signed a Memorandum of Understanding (MoU) with Petrochemical Holding GmbH (PCH) to develop two major industrial projects in Ghana, with a combined estimated value of about US$700 million.

The proposed investments cover an integrated chemical production facility for sodium cyanide and chlor-alkali products, including caustic soda, as well as a gold tailings recovery and environmental remediation platform.

According to the Authority, the agreement reflects ongoing efforts to attract large-scale private capital under Ghana’s 24-hour economy programme, which is aimed at expanding industrial production, strengthening exports and boosting value addition.

The projects will be implemented through a special purpose vehicle, GreenRock Petrochemical Ghana Limited, a joint venture between GreenRock, a Gulf-based company, and Petrochemical Holding GmbH. Under the arrangement, GreenRock is expected to provide financing and strategic input, while PCH brings more than three decades of experience in petrochemicals, chemicals and large-scale industrial project execution.

As part of the MoU, the partners will also establish a structured framework for gold recovery and environmental remediation. This will involve identifying suitable sites, testing recoverable materials, extracting economic value where feasible, and supporting environmental rehabilitation efforts in affected areas.

The initiative is expected to encourage responsible mining practices while also addressing environmental challenges, particularly in water bodies impacted by mining activities.

The chemical production component is expected to reduce Ghana’s dependence on imported sodium cyanide and caustic soda, while positioning the country as a potential supplier within the West African sub-region. Using salt as a key raw material, the plant will produce caustic soda and other chlor-alkali products for applications in water treatment, sanitation and industrial processes.

Presidential Adviser on the 24-Hour Economy and Accelerated Export Development Programme, Augustus Obuadum Tanoh, said the partnership aligns with government efforts to accelerate industrialisation and job creation under the 24-hour economy agenda.

“We welcome local and international private sector businesses, investors and development partners who align with President Mahama’s 24-Hour Economy Transformation Agenda to work with us to achieve this national goal,” he said.

Chief Executive Officer of Petrochemical Holding GmbH, Iakov Goldovskiy, said the collaboration has the potential to attract significant foreign direct investment and generate long-term economic benefits.

He noted that Ghana could strengthen its position as a regional hub for mining chemicals, responsible resource recovery and value-added industrial production.

Next steps for the project include feasibility studies, environmental and regulatory approvals, the signing of definitive agreements and final investment decisions on both initiatives.

The 24-Hour Economy Authority said the partnership forms part of broader efforts to reposition Ghana as a competitive, export-driven industrial economy through sustained private sector collaboration.