The Government of Ghana has announced that it paid US$1.47 billion during its first year in office to clear outstanding energy sector debts and restore the World Bank’s Partial Risk Guarantee, describing the move as a major recovery effort for the sector.
In a statement released Monday, January 12, 2026, the Ministry of Finance said the Mahama government took over an energy sector facing potential collapse after years of unpaid bills for gas from the Offshore Cape Three Points (OCTP) field, which had completely exhausted the US$500 million World Bank Partial Risk Guarantee.
The Ministry explained that the guarantee, set up in 2015 during a prior NDC government, played a vital role in facilitating nearly US$8 billion in private sector investment through the Sankofa Gas Project.
The depletion of the guarantee, according to the statement, “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, noting that the full repayment has restored the facility and reinforced Ghana’s position as “a credible and reliable partner on the global stage.”
In addition to restoring the guarantee, the government cleared unpaid gas bills to ENI and Vitol totaling approximately US$480 million, according to the Ministry, which added that budget allocations have been made to ensure payments are made on time in the future.