ACCRA, Ghana, 27 February: President John Dramani Mahama has announced a major breakthrough in the energy sector, revealing that government has fully restored the $500 million Partial Risk Guarantee (PRG) with the World Bank.
The facility, originally secured to backstop gas payments and protect private investment in Ghana’s energy infrastructure, had been depleted due to prolonged non-payment for gas supplies.
According to the President, the full repayment including accrued interest reactivates the guarantee and reaffirms Ghana’s credibility in the international financial and energy markets.
In a further move to stabilise the sector, government has also cleared approximately $500 million in outstanding arrears owed to Eni and Vitol for gas supplied to the Sankofa field.
This settlement brings Ghana fully up to date on its gas consumption obligations and removes a major threat to power generation stability.
President Mahama additionally disclosed that the Tema Oil Refinery has resumed crude oil processing for the first time since 2018, following extensive turnaround maintenance and operational restructuring.
The refinery’s return to production is expected to reduce reliance on imported refined petroleum products and strengthen local value addition.
The President stated that these decisive interventions have restored investor confidence, improved liquidity across the energy value chain, stabilised electricity supply, and strengthened Ghana’s standing as a dependable partner in the global energy market.
“These actions send a clear signal that Ghana honours its commitments,” he said, underscoring government’s resolve to build a resilient, financially sustainable energy sector.
Story by: Emmanuel Romeo Tetteh(#RomeoWrites✍️)/Ahotoronline.com | Ghana 🇬🇭