The Chief Executive Officer of the Petroleum Hub Development Corporation, Tony Aubynn, has disclosed that about $100 million will be required to compensate landowners affected by the proposed Petroleum Hub project in Ghana’s Western Region.
According to him, the funds are needed to settle compensation claims for communities whose lands fall within the designated area for the project, which is expected to be developed in the Jomoro District of the Western Region of Ghana.
Dr. Aubynn explained that addressing the compensation issue is critical to ensuring the smooth implementation of the project. He noted that the process of acquiring land for the hub cannot be fully completed without adequate funding to compensate affected residents and landowners.
The Petroleum Hub project is a major government initiative aimed at transforming Ghana into a petroleum and petrochemical hub in West Africa. When completed, the project is expected to include oil refineries, storage terminals, petrochemical plants and supporting infrastructure.
Officials say the initiative has the potential to attract billions of dollars in investment while creating thousands of direct and indirect jobs for Ghanaians.
However, delays in securing funds for compensation have remained one of the key challenges affecting progress on the project.
Dr. Aubynn therefore stressed the need for government and other stakeholders to mobilize the required resources to ensure that affected communities are compensated promptly.
He added that resolving the compensation issue will help accelerate preparations for the full rollout of the Petroleum Hub project and bring the country closer to achieving its ambition of becoming a major petroleum processing and trading center in the sub-region.