IFC and MIGA to help Ghana shift power generation to natural gas

• 7 years ago (2016-12-16)
• David Flin

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The International Finance Corporation (IFC) and the Multilateral Investment Guarantee Agency (MIGA), members of the World Bank, have committed $517 million to support Ghana’s Sankofa Gas Project. The integrated offshore oil and natural gas project will provide a source of reliable, affordable energy in the country. The project will supply 1000 MW.

The $7.7 billion Sankofa project will be developed by Vitol Ghana and Eni Ghana, in partnership with Ghana’s National Petroleum Corporation.

The Ghana Government has identified the project as one of two transformational projects that will help the country achieve its COP21 commitments for climate mitigation.

Once it enters service in early 2018, the project is expected to reduce carbon emissions in Ghana by around 1.6 million tonnes annually, as gas displaces heavy fuel oil. The project will also generate 1000 MW.