The government has confirmed the payment of US$1.47 billion in its first year to clear legacy energy sector debts and restore the World Bank’s Partial Risk Guarantee, describing the move as a major turning point for the power industry.
In a statement issued by the Ministry of Finance on Monday, January 12, 2026, the administration said it inherited an energy sector “on the brink of collapse” following years of non-payment for gas from the Offshore Cape Three Points (OCTP) field.
This non-payment led to the full depletion of the US$500 million World Bank Partial Risk Guarantee.
The Ministry explained that the guarantee, first established in 2015, was instrumental in mobilising nearly US$8 billion in private investment under the Sankofa Gas Project. Its depletion, the statement noted, “represented a serious governance failure that undermined Ghana’s international credibility.”
“As at 31 December 2025, government has fully repaid US$597.15 million, inclusive of interest, drawn on the World Bank Guarantee,” the Ministry said, adding that the repayment has fully restored the facility and reaffirmed Ghana’s position as “a credible and reliable partner on the global stage.”
In addition, the government has cleared outstanding gas invoices owed to ENI and Vitol, estimated at about US$480 million, and has made budgetary arrangements to ensure timely payments going forward.
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