The Government of Ghana says it has paid a total of US$1.47 billion within its first year in office to clear longstanding debts in the energy sector and restore a World Bank-backed guarantee, in a move it describes as a turning point for the troubled industry.
In a statement issued on Monday, 12 January 2026, the Ministry of Finance said the Mahama administration inherited an energy sector close to collapse, following years of unpaid gas bills linked to supplies from the Offshore Cape Three Points (OCTP) field.
The prolonged non-payment, the ministry said, led to the complete exhaustion of a US$500 million World Bank Partial Risk Guarantee, a facility originally established in 2015 to support the Sankofa Gas Project.
According to the ministry, the guarantee had been instrumental in attracting nearly US$8 billion in private sector investment into Ghana’s energy sector. Its depletion was described as “a serious governance failure” that damaged the country’s international credibility.
The statement said that by 31 December 2025, the government had fully repaid US$597.15 million, including interest, that had been drawn down under the World Bank guarantee.
“This repayment has fully restored the facility and reaffirmed Ghana’s position as a credible and reliable partner on the global stage,” the ministry said.
In addition, the government said it had settled outstanding gas invoices owed to energy companies ENI and Vitol, amounting to about US$480 million. It added that budgetary measures have now been put in place to ensure future gas payments are made on time as part of efforts to stabilise the sector and prevent a recurrence of past challenges.
