Ghana: WB guarantees for Sankofa gas

The World Bank has announced a record investment of $700m in guarantees for Eni and Vitol’s Sankofa gas project, which it says will help mobilise private investment to address Ghana’s serious energy shortage. The World Bank board on 30 July approved an International Development Association payment guarantee of $500m to support timely payments for gas purchases by Ghana National Petroleum Corporation and an International Bank for Reconstruction and Development enclave loan guarantee of $200m that enables the project to secure financing from its private sponsors.