What will reduce Ghana’s oil imports by up to 12 million barrels and cut carbon emissions by 1.6 million metric tons of CO² annually? The Sankofa gas project, that’s what.
With the help of a US$700 million investment approved by the World Bank, the project – which is expected to generate 1 000 MW of clean energy – will utilise offshore fields for gas-fired power stations.
The investment, which is offered as a combination of two guarantees, comes with US$500 million to support timely payment for gas purchases and a loan of US$200 million to secure financing from private investors.
Together, the guarantees are expected to encourage nearly US$8 billion in new private investment for offshore natural gas, representing the biggest foreign direct investment in Ghana’s history.
