World Bank - Ghana News Express

The Government of Ghana, under the leadership of President John Dramani Mahama, has cleared a significant portion of legacy energy sector debt, paying approximately US$1.47 billion in 2025 to stabilise the sector and restore international confidence. Upon assuming office in January 2025, the Mahama Administration inherited an energy sector under severe strain, marked by years of non-payment for gas supplied from the Offshore Cape Three Points (OCTP) field. The situation had resulted in the complete depletion of a US$500 million World Bank Partial Risk Guarantee (PRG), a facility established in 2015 to backstop payments to Sankofa Gas Project partners ENI and Vitol and unlock nearly US$8 billion in private investment. Government sources say the exhaustion of the PRG had undermined Gha...

The World Bank has slapped Ghana with a suspension of two of its funded projects in the country following the government’s recent mass layoffs in key sectors. The affected projects are the $200 million Tree Crops Diversification Project and the $200 million Ghana Digital Acceleration Project (GDAP). According to the Bretton Woods institution, the dismissals were improper and violated fair labour practices. The suspension of these projects, which were aimed at strengthening Ghana’s infrastructure and economic resilience, adds further strain to the country’s already fragile financial situation. The High Street Journal quoted sources at the World Bank as stating that in the case of GDAP, Minister of Communication, Digital Technology, and Innovations, Samuel Nartey George...

Tag: World Bank

Mahama Administration Settles US$1.47bn Energy Debt, Reinstates World Bank Guarantee Within One Year

World Bank Slaps Government Over Mass Dismissals