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Ghana targets over $1.5bn in export tax from Petroleum Hub Development Corporation

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Ghana targets over $1.5bn in export tax from Petroleum Hub Development Corporation

Parliament has begun processes for the passage of the Petroleum Hub Development Corporation Bill, 2020.

The Bill seeks to establish the Petroleum Hub Development Corporation to promote and develop a petroleum and petrochemicals hub in Ghana’s Western Region.

Chairman of the Mines and Energy Committee of Parliament, Emmanuel Akwasi Gyamfi, who spoke on the floor of Parliament explained how government plans to fund the project.

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“The Committee was informed that the estimated total cost of the Hub is US$60 billion. Out of this amount, the Government of Ghana is expected to contribute US$6 billion representing 10% of the total investment cost. The government intends to leverage on private capital to finance the remaining ninety percent funding requirements.”

“The contribution of government would be targeted at providing the initial basic infrastructure including land acquisition, payment of compensation, construction of road and railway networks, and extension of the area, social amenities, such as water and electricity”.

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The project will involve the development of infrastructure such as refineries, port terminal facilities, storage facilities, as well as petrochemical and Liquefied Natural Gas terminals with a network of pipelines to supply petroleum and petrochemical products for both domestic and sub-regional markets.

The report of the Select Committee on Mines and Energy on the bill revealed that the establishment of the Petroleum and Petrochemical Hub would contribute enormously to the economic growth of the country through value addition to the country’s petroleum resources and job creation.

It is estimated that the country stands to earn about 1.56billion dollars in export tax, 130% increase in GDP through injection of 60 billion dollars into the country’s economy by the year 2030.

In addition, the project is expected to provide the country Liquified Natural Gas facilities for power production and drive the growth of various industries including petrochemicals.

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This is expected to create 780,000 jobs both directly and indirectly in the country.

 

citibusinessnews.com

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