World Bank approves 700 million dollars to support Ghana's Energy Sector

The World Bank has approved a record investment of 700 million dollars in guarantees for Ghana’s Sankofa Gas Project.

The transformational project will help address the country’s serious energy shortages by developing new sources of clean and affordable natural gas for domestic power generation.

The Bank approved a unique combination of two guarantees for the Project, a Payment guarantee of 500 million dollars that supports timely payments for gas purchases by Ghana National Petroleum Corporation and an Enclave Loan guarantee of 200 million dollars that enables the project to secure financing from its private sponsors.

Both guarantees are expected to mobilize seven-point-nine billion dollars in new private investment for offshore natural gas, representing the biggest foreign direct investment in Ghana’s history.

GBC