Government is expected to accrue US$1.56billion as export tax from a US$60billion investment into the establishment of the Petrochemical Hub in the Western Region, a report of the select committee on Mines and Energy on the Petroleum Hub Development Corporation Bill. 2020 has revealed.
According to the report presented to Parliament which is currently at the consideration stage, the establishment of the hub is also projected to create 780,000 jobs in the country.
The purpose of the Bill when approved, will see to the establishment of major infrastructure for refining and processing petrochemical, discharge, storage distribution, transportation and trading of petroleum products, making Ghana a Hub for West African sub-region and the world at large.
The US$60billion project also involves the development of infrastructure refineries, port terminal facilities, storage facilities, as well as petrochemical and Liquefied Natural Gas (LNG) terminals with a network of pipelines for large supplies.
Out of the estimated total cost of US$60billion, the government of Ghana is expected to contribute US$6billion representing 10percent of the total investment cost.
“The govern intends to leverage on private capital to finance the remaining 90 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 to the area, social amenities such as water and electricity,” the report stated.