World Bank approves $700 million for Ghana’s energy transformation

The Board of Directors of the World Bank today, Thursday July 30 approved a record investment of 700 million dollars in guarantee for Ghana’s Sankofa Gas project.

The project is expected to address the country’s recurrent energy shortages by developing new sources of clean and affordable natural gas for domestic power generation.

Confirming the deal to Starr News, Communications specialist for World Bank-Ghana Kofi Tsikata said the World Bank is hopeful that the financial assistance will go a long way to resolve Ghana’s energy challenges.

“ It is true the board of Directors of the World Bank have approve the biggest ever guarantee to the tune of 700 million dollars from both the IDA and the IBRD, both World Bank institutions which will leverage a total of about 8 billion dollars in joint venture investment from institutions such as ENI, Vitol with GNPC as lead partner,” Tsikata explained.