Management of the Petroleum Hub Development Corporation is calling on government to urgently release GHS 300 million to compensate farmers and property owners affected by the acquisition of 20,000 acres of land at Jomoro in the Western Region.
The Corporation says the compensation is crucial for completing the full acquisition process for land earmarked for the Petroleum Hub project.
According to officials, the delay in settling compensation is hampering progress on the multibillion-dollar initiative, which aims to position Ghana as a petrochemical hub in West Africa.
Although former President Akufo-Addo directed the release of GHS 200 million for the compensation, the amount was not captured in the 2024 national budget, causing further setbacks in rolling out the project.
Speaking to journalists after a meeting between the Parliamentary Select Committee on Energy and agencies within the sector, the Chief Executive Officer of the Corporation, Dr. Toni Aubynn, stressed the strategic importance of the project and urged swift government action.
Meanwhile, the Minority in Parliament has raised red flags about emerging external threats to Ghana’s petroleum sector, particularly in the wake of the Israel-Iran conflict.
Deputy Ranking Member on the Energy Committee, Collins Adomako Mensah, warned that rising global crude prices and signs of investor pullouts from Ghana National Petroleum Corporation (GNPC) operations could signal an impending fuel crisis.
He urged the government to adopt proactive and pragmatic measures to avert disruptions in the country’s energy security.