The initiative which will be a partnership between the government and the private sector is estimated to cost US$60 billion and it will be implemented in three phases.
The hub will be an area with a network of infrastructure for the processing of crude oil and raw natural gas into refined petroleum and petrochemical products for the purpose of trading, storage, transportation and distribution to third parties and for export.
The hub will be located on a 20,000-acre [81-square-kilometre] plot of land in the Jomoro Municipality in the Western Region of Ghana as a free zone.
Giving the state of the region report in Accra on Wednesday (16 November), Darko-Mensah said the land documentation on the project has already been signed.
“You know that Western Region continues to be a number one contributor economically to this country. Currently as you are aware, we are developing the petroleum hub in the Jomoro District in the Western Region,” the minister said.
“Already I have signed off the land documentation for the EI to be issued by the president,” he said. “So, we have finished our part as a Regional Coordinating Council and this project will bring to Ghana 680, 000 jobs with an output of 60 billion. Initially investment is expected to be about 6 billion and the output is expected to be 60 billion,” he said.