Audio By Carbonatix
The Government of Ghana says it has paid a total of US$1.47 billion within its first year in office to settle longstanding energy sector debts and restore the World Bank's Partial Risk Guarantee, marking what it describes as a decisive turnaround for the sector.
According to a statement issued by the Ministry of Finance on Monday, January 12, 2026, the Mahama administration inherited an energy sector on the brink of collapse due to years of non-payment for gas supplied from the Offshore Cape Three Points (OCTP) field, which had led to the full depletion of the US$500 million World Bank Partial Risk Guarantee.
The Ministry noted that the guarantee, established in 2015 under a previous NDC administration, was critical in unlocking nearly US$8 billion in private sector investment through the Sankofa Gas Project.
Its exhaustion, the statement said, “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 stated, adding that the repayment has fully restored the facility and reaffirmed Ghana’s standing as “a credible and reliable partner on the global stage.”
Beyond restoring the guarantee, government also settled outstanding gas invoices owed to ENI and Vitol amounting to about US$480 million, while securing budgetary provisions to ensure timely payments going forward, the Ministry said.
Latest Stories
-
First Atlantic Bank secures regulatory approval to operate in Liberia
8 minutes -
Today’s Front pages: Monday, January 12, 2026
12 minutes -
Presidential staffers effectively serve as deputy ministers; Mahama not running a lean gov’t – Miracles Aboagye
32 minutes -
Show restraint after Ayawaso East MP’s death; succession talk premature – Walewale MP
35 minutes -
Beyond Gold Trading: Study says GoldBod can reshape Ghana’s economic architecture
38 minutes -
Cost of living has worsened under NDC after one year – Dennis Miracles Aboagye
39 minutes -
GoldBod emerges as strategic tool for forex stability and economic resilience – Report
44 minutes -
Sanity Africa Poll: Ken Agyapong commands majority 52% ahead of NPP primaries
52 minutes -
Tuah-Yeboah questions AG’s basis for dropping Saglemi case
1 hour -
IDEG calls for collective action for constitutional reforms
1 hour -
NPP is a national party, not an ethnic or religious platform; ignore the ‘little minds’ – Hassan Tampuli
1 hour -
SSNIT commits to strengthening investment portfolio to safeguard pensions
1 hour -
Traditional ruler bemoans decline in academic performance in Ada
2 hours -
2025/26 Ghana League: Bechem United boost survival hopes with narrow win over GoldStars
2 hours -
CDM urges Mahama to reset governance after ‘missed opportunities’ in first year
2 hours
