President Nana Addo Dankwa Akufo-Addo has directed the Ministry of Finance to release GH¢200 million to compensate communities affected by the first phase of the Jomoro Petroleum Hub Development project, according to a 3news.com report.

This announcement was made during the sod-cutting ceremony at Nawuli in the Jomoro Municipality of the Western Region.

Speaking at the event, President Akufo-Addo emphasised the project's significance in addressing the country's energy sector challenges.

He expressed confidence that the Jomoro Petroleum Hub will become a leading integrated petroleum complex in Africa, adding significant value to the oil and gas value chain, both upstream and downstream.

The project, which spans 20,000 acres, is set to house refineries, petrochemical plants, storage tanks, and other key infrastructure.

It aims to transform the petrochemical industry across the continent, expecting to generate $1.56 billion in export taxes by 2030, boost Ghana's GDP by 70%, and create over 780,000 jobs.

Despite the positive outlook, there has been unrest among some landowners, particularly those represented by the Coalition of Concerned Nzema People.

According to the report, they have voiced dissatisfaction with the government's handling of land acquisitions, citing inadequate compensation and lack of proper procedures.

In response, President Akufo-Addo assured the affected communities of the government's commitment to addressing their concerns.

"The chiefs and people of Jomoro have generously offered their lands for the development of these vital projects. In recognition of their contribution, I have instructed the Ministry of Finance to release an initial GH¢200 million to commence the payment of compensation for the affected lands," he stated.

AM/SEA

Watch the latest edition of BizHeadlines below:





Ghana’s leading digital news platform, GhanaWeb, in conjunction with the Korle-Bu Teaching Hospital, is embarking on an aggressive campaign which is geared towards ensuring that parliament passes comprehensive legislation to guide organ harvesting, organ donation, and organ transplantation in the country.

Click here to follow the GhanaWeb Business WhatsApp channel