PHDC to transform Ghana's economy with $1.56billion export tax by 2030

By Richard Aniagyei, ISD || Contributor
Economy & Investments PHDC to transform Ghana's economy with 1.56billion export tax by 2030
SEP 12, 2023 LISTEN

The Petroleum Hub Development Cooperation (PHDC) will create jobs over 780,000 and transform the economy through export tax of about $1.56 billion by 2030.

In effect, the hub will help increase the country’s Gross Domestic Product (GDP) by about 70 per cent.

The Head of Operations and Projects at PHDC, Mr Joseph Willie Amoah, disclosed this when a team of executives from the Petroleum Hub Development Cooperation (PHDC) interacted with the management of the Water Resources Commission (WRC) last Thursday in Accra.

He noted that the project, which would be executed in three phases, would house a complex web of onshore, offshore and ancillary assets of refineries, petrochemical plants and storage tanks intended to change the face of the petrochemical industry on the continent.

He explained that 20,000 acres of land had been acquired for the project, which would be a megaproject development in the Jomoro District of the Western Nzema Area.

“It will create and add value to the upstream and downstream oil and gas value chain in Africa,” he added.

Explaining the regulatory framework of WRC, the Director of Legal and Monitoring of the WRC, Dr Bernadette Adjei, stated the need to factor water into the planning processes of the hub.

She further urged the PHDC team to familiarise itself with the WRC regulations, including Water Use Permits and Drilling License and Groundwater Development among others.

Similarly, Dr Mawuli Lumor, Chief Basin Officer, entreated PHDC to conduct a baseline of the water situation on the land earmarked for the project to have a fair idea of whether the fresh water on it was enough to sustain their activities.