The Petroleum Hub Development Corporation (PHDC) is appealing to the government to urgently release GHS 300 million in compensation for farmers and property owners affected by the acquisition of 20,000 acres of land in Jomoro, Western Region.

The compensation is a critical step toward finalizing the land acquisition process for the multibillion-dollar Petroleum Hub project, which aims to establish Ghana as a leading petrochemical hub in West Africa.

Speaking to journalists after a meeting with the Parliamentary Select Committee on Energy, the Chief Executive Officer of PHDC, Dr. Toni Aubynn, stressed that the delay in disbursing compensation is stalling progress on the strategic project.

“This project has enormous potential to transform Ghana’s energy sector and attract major investments. However, we cannot move forward without settling the compensation owed to the affected communities,” Dr. Aubynn said.

He noted that although former President Nana Akufo-Addo directed the release of GHS 200 million for the compensation, the allocation was not captured in the 2024 national budget—further compounding delays in the project’s rollout.

The Petroleum Hub, when completed, is expected to boost domestic refining capacity, attract foreign investment, and create thousands of jobs in the Western Region and beyond.

Meanwhile, concerns are growing in Parliament over emerging external threats to Ghana’s petroleum sector. The Minority has warned of rising global crude oil prices and investor uncertainty amid geopolitical tensions, especially the ongoing Israel-Iran conflict.

Deputy Ranking Member on the Energy Committee, Collins Adomako Mensah, cautioned that investor pullouts from Ghana National Petroleum Corporation (GNPC) operations could pose serious risks to national fuel security.

“We are seeing early signs of a possible fuel crisis. The government must act swiftly and pragmatically to ensure energy security is not compromised,” he stated.