 Ghana is set to construct a $60 billion petroleum hub. Ghana is a country in Africa that is officially known as the Republic of Ghana. It shares borders with the Ivory Coast in the west, Burkina Faso in the north, and Togo in the east, and spans the Gulf of Guinea and the Atlantic Ocean to the south. Located at Bonnier, Ghana's western region, plans are still in the works to turn a crude oil exporter into a petroleum hub in the sub-region by 2030. The center, which will be built in Ghana's western region, where the oil was discovered, is projected to cost roughly $60 billion. Refineries, petrochemical plants, power plants, light industries, waste and water treatment facilities, storage facilities, and commercial and residential centers will all be located at Industry analysts believe that the hub should not only create jobs, but also establish a sustainable means of refining local crude, create an environment for public private synergies to flourish, and unify all three spheres of the petroleum industry, upstream, midstream and downstream, with a location scouted and feasibility studies underway. The business sector has been encouraged to take part in the development and execution of policies that would make this ambition a reality. Africa Reloaded is a reimagined version of the continent of Africa. Join us on this journey across Ghana to learn more about Ghana's 60 billion petroleum hub. According to the parliamentary select committee on mines and energy, the construction of a petroleum and petrochemical center in Ghana will bring in roughly $1.56 billion in export taxes per year. The committee stated that the hub's formation will significantly contribute to the country's economic growth by adding value to the country's petroleum resources and creating jobs. The committee also stated in its report on the petroleum hub development bill that the hub will enhance the country's GDP by 130% by 2030 by injecting $60 billion into the economy. It would also supply the country with liquefied natural gas, LNG, facilities for power generation, as well as support the growth of diverse sectors, including petrochemicals. The country is predicted to gain 780,000 direct and indirect jobs as a result of this. Taxes from downstream value chain operations will also increase the government's revenue, allowing it to invest in development. The center also includes fundamental social amenities such as schools, health facilities and recreational parks, all of which are anticipated to promote people's social well-being according to the committee's study. Petroleum Hub Development Bill. Cabinet approved the Ministry of Energy's plan to construct a petrochemical base in the country's western region at its 48th meeting. The project is justified by the chance to build a substantial infrastructure for petroleum refining, processing, discharge, storage, distribution, transportation and trade using Ghana as a hub for West Africa and the rest of the globe. The project entails the construction of refineries, port terminals, storage facilities, petrochemical and LNG terminals, as well as a pipeline network capable of supplying petroleum and petrochemical goods to domestic and West African markets. The bill's objective is to create a corporation that will, among other things, coordinate and oversee the hub's activities, enough to meet domestic and West African demand for petroleum and petrochemical products. Funding for the project. The committee was informed that the hub's anticipated cost is $60 million U.S. dollar, of which the Ghanaian government is expected to pay $6 billion U.S. dollars or 10% of the entire investment cost. To finance the remaining $54 billion U.S. dollars, the government expects to rely on private money. The government's involvement would be focused on establishing the initial basic infrastructure, which would include land acquisition, compensation, the development of road and railway networks, and the expansion of social facilities in the area. Economic viability of a project. The committee was advised that the project's economic viability was justified by rising demand for petroleum products, as well as an undeveloped market in sub-Saharan African countries. Total petroleum product consumption in the West African sub-region is currently expected to be 30 million metric tons per year, with a predicted growth to 78 million metric tons by 2030. URIID use is predicted to be 2.6 million tons per year in sub-Saharan Africa. The hub's establishment is expected to allow the country to maximize the value of its gas reserves, which are estimated to be around 2,080 billion standard cubic feet, as well as take advantage of Africa's emerging market for the production and distribution of ammonia, fertilizer, and methanol, among other things. Major initiatives, such as the construction of a petroleum hub in Ghana, present a huge chance for the country to prosper and create more jobs for its population. The standard of living of Ghanian will improve as a result of this. Thank you for taking the time to watch. If you enjoyed this video, please like, share, and subscribe to our channel for more information.