Ghana Sankofa Gas Project

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The development objective of the Sankofa Gas Project (SGP) for Ghana is to increase the availability of natural gas for clean power generation by leveraging private capital investment. The SGP supports the development of the offshore Sankofa gas field within the offshore cape three points (OCTP) block in Western Ghana, which will be developed by two private sponsors (Eni and Vitol) together with Ghana National Petroleum Corporation (GNPC). The United States (U.S.) 700 million dollars World Bank (WB) guarantees support will provide ongoing mitigation of GNPC offtake and payment risks and long-term political risks in Ghana. The WBG support to the project will underpin U.S. 8 billion dollars of foreign private investment in the economy. Overall, the development of the OCTP oil and gas block is the largest foreign direct investment opportunity in sub-Saharan Africa in recent times. The project will be structured in a manner that prudently reduces Ghana’s fiscal support at a time when macroeconomic uncertainty is affecting the investment climate.