President John Dramani Mahama says the government has fully restored the US$500 million World Bank Partial Risk Guarantee (PRG) that had been exhausted, marking a major turnaround in the energy sector’s financial stability.
Delivering the State of the Nation Address on Friday, the President said the guarantee—designed in 2015 to support private investment in the OCTP oil and gas project—had been depleted due to prolonged non-payment for gas supplied.
He said government also settled outstanding gas invoices owed to ENI and Vitol amounting to US$500 million, bringing Ghana fully up to date on its obligations and restoring confidence among upstream partners.
The President noted that a roadmap had been agreed with Tullow and Jubilee partners to ensure timely payment for consumed gas. He said the measures were necessary to stabilise power generation and address liquidity challenges that had threatened sector operations.
“These actions demonstrate Ghana’s commitment to honouring our obligations and sustaining reliable electricity production,” he said.
Source: businesspostonline
