1. A Project Dating Back to 2019
Ghana’s Petroleum Hub, planned for Jomoro in the Western Region, has raised concerns over delays and possible land grabbing.
2. No Visible Progress on Phase One
Bright Simons says no steel pipes have been laid for the proposed petrochemical complex, despite Phase One starting in 2024.
3. $100 Million in Compensation Still Unfunded
According to Simons, the project has yet to raise the $100 million needed to compensate affected landowners.
4. Phase Two Is Estimated at $28 Billion
Despite the reported lack of progress, the Petroleum Hub entity has launched a second phase with a proposed investment of $28 billion.
5. Questions over the Lead Investor
Simons questions Global Sphere’s ability to deliver, citing its founder’s record of previously announced projects that were never completed.
6. More Than $90 Billion in Announcements
Simons claims Global Sphere announced projects worth over $90 billion across several countries over 14 years without successfully completing a megaproject.
7. Concerns over the Financing Partner
He questions the credibility of Doubletree Capital Bank, alleging that it lacks a banking licence and has no proven capacity to finance megaprojects.
8. Risks from Sovereign Guarantees
Simons warns that the proposed use of sovereign guarantees to raise funds could expose Ghana to significant financial risks.
9. Questions over Consortium Leadership
He raises concerns about Boubacar Belco Bah’s track record and his company, AMS Technologies, as well as an alleged link to a project associated with a company barred by the African Development Bank.
10. Ghana Risks Attracting the Wrong Investors
Simons argues that Ghana will continue attracting investors who cannot deliver if it fails to properly assess their financial capacity and track records.
So What?
Ghana must verify investors’ credibility and financial capacity before committing land, public resources or state guarantees to major projects.
