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Sankofa

Being the 'honest broker' for Ghana’s one-of-a-kind energy deal

Pankaj Gupta's picture
Podcast: Investment in Ghana
It’s not every day that oil and gas companies commit to an $8 billion project, even as commodity prices show no signs of stabilizing. Such a deal is even tougher to orchestrate in Ghana, where the macroeconomic situation has deteriorated in the past two years, resulting in the country’s restructuring program with the International Monetary Fund.
 
But such an operation did happen.
 
On July 30, the World Bank Group’s Board of Executive Directors approved the largest guarantee support—$700 million in total—in the 20-year history of the Bank’s IDA/IBRD guarantee program. The combination is unique—it draws together the part of the Bank that helps the world’s poorest countries with the arm that offers long-term loans to middle-income developing countries.
 
But its result is even more critical, and possibly a best practice for other countries to follow in the future.