The Government of Ghana says it has paid a total of US$1.47 billion within its first year in office to clear longstanding energy sector debts and restore the World Bank’s Partial Risk Guarantee, describing the move as a major turnaround for the sector.
In a statement issued by the Ministry of Finance on Monday, January 12, 2026, the Mahama administration said it inherited an energy sector on the verge of collapse, following years of unpaid gas supply bills from the Offshore Cape Three Points (OCTP) field, which resulted in the complete depletion of the US$500 million World Bank guarantee.
The Ministry explained that the guarantee, established in 2015 under a previous NDC government, played a crucial role in attracting nearly US$8 billion in private sector investment through the Sankofa Gas Project. Its depletion, the statement said, “constituted a serious governance failure that eroded Ghana’s international credibility.”
According to the Ministry, as of December 31, 2025, government had fully repaid US$597.15 million, including interest, drawn under the World Bank guarantee, thereby restoring the facility and reaffirming Ghana’s position as “a credible and reliable partner on the global stage.”
In addition, the government has settled outstanding gas supply arrears owed to ENI and Vitol, amounting to about US$480 million, and has made budgetary provisions to ensure timely payments going forward, the statement added.
