More cash flow in World Bank approves $700m for Sankofa gas project

$700m has been approved by the World bank to in guarantees for Ghana’s Sankofa Gas project

  • Published: , Refreshed:
24/7 Live - Subscribe to the Pulse Newsletter!

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 transformational project that will help address the country’s serious energy shortages by developing new sources of clean and affordable natural gas for domestic power generation.

Ghana will be able to reduce its oil imports by up to 12 million barrels a year and cut carbon emissions by 1.6 million metric tons of CO2 annually once the Sankofa field starts to produce gas in early 2018.

Vice President for the World Bank’s Africa Region, Makhtar Diop said “the Sankofa Gas Project is a good example of how Africa can address its infrastructure challenges and lay the foundation for sustained economic growth by providing affordable and reliable power to its population.

“Innovative use of the Bank’s Guarantee Programme that helps mitigate the perception of risk and mobilizes private investment can help unlock billions of much-needed financing for large-scale infrastructure projects on the continent.”

Meanwhile, Communications specialist for World Bank-Ghana Kofi Tsikata speaking to Starr FM 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.

Do you ever witness news or have a story that should be featured on Pulse Ghana?
Submit your stories, pictures and videos to us now via WhatsApp: +233507713497, Social Media @pulseghana: #PulseEyewitness & DM or Email: eyewitness@pulse.com.gh.

Recommended Articles

Recommended Videos




Top Articles

1 Poverty Gap Ghana’s policies make the rich wealthier – UNbullet
2 Menzgold Ghana Don't deposit money with Menzgold – BoG cautions public...bullet
3 SSNIT Scandal 10 SSNIT staff with fake certificates dismissed –...bullet
4 $100K Saga Presidency denies having knowledge of $100,000...bullet
5 In Upper East 2 men killed in daylight bank robberybullet
6 Menzgold Ghana Investment company closes down its Gold Vault...bullet
7 Salaries In 2018 Here are the dates public workers will be...bullet
8 NPP government Ghana Beyond Aid is fight for economic...bullet
9 SSNIT Scandal SSNIT spent $140m on ‘partially...bullet
10 Taxes In Ghana 3% VAT flat rate takes off in July 1bullet

Top Videos

1 Forbes 2018 Africa's billionaires rich listbullet
2 New Discovery Ghana discovers new mineral, lithium in commercial...bullet
3 Support Finance minister buys Kantanka carbullet
4 Dr Joseph Siaw Agyepong Nobody can collapse my company – JOSPONGbullet
5 New Phone Nokia’s MWC 2018 Event in Under 10 Minutesbullet
6 Plane Crash Starbow suspends operations following plane crashbullet
7 Money Alert Meet Africa's richest womanbullet
8 New Phones Nokia MWC 2018 Event in 5 minutesbullet
9 New Phone Nokia’s MWC 2018 event in 7 minutesbullet
10 Tech 6 reasons you should buy an iPhone SE instead of...bullet

Business