Ghana’s government has cleared US$1.47 billion in longstanding energy sector debts within its first year, restoring the World Bank’s Partial Risk Guarantee and signalling a major turnaround for the industry
A Ministry of Finance statement released on Monday, January 12, 2026, explains that the Mahama administration inherited a sector teetering on collapse. Years of unpaid gas supplies from the Offshore Cape Three Points (OCTP) field had exhausted the US$500 million World Bank guarantee, established in 2015 under a prior NDC government.
That guarantee had been essential in attracting nearly US$8 billion in private investment for the Sankofa Gas Project. Its depletion marked a “serious governance failure” that damaged Ghana’s global credibility, the statement noted.
By December 31, 2025, the government fully repaid US$597.15 million—including interest drawn from the guarantee. This has fully restored the facility and positioned Ghana as “a credible and reliable partner on the global stage.”
The administration went further, settling US$480 million in gas invoices owed to ENI and Vitol. It has also secured budget provisions for ongoing timely payments.
Story by: Mercy Addai Turkson #ahotoronline.com