[REVISION HISTORY]

Ghana energy and petroleum sector reforms

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2026-08-21 23:39 UTC → 2026-08-23 10:53 UTC · added ~~removed~~

Ghana is implementing broad reforms across its energy and petroleum sectors to address debt and stimulate investment. In the energy sector, reforms have cleared approximately US$1.47 billion in legacy debt and generated US$750 million in savings. These savings were driven by a US$500 million reduction from shifting power generation from liquid fuels to natural gas, and US$250 million from renegotiating with Independent Power Producers (IPPs). Improvements to the Cash Waterfall Mechanism (CWM) have ~~also~~ increased monthly fund declarations from GH¢6 billion to nearly GH¢15 ~~billion, allowing~~ billion. This shift has allowed most IPPs to receive nearly 100% of their ~~invoices.~~ invoices, a significant improvement from a previous rate of approximately 42%, helping to prevent the accumulation of new arrears. In the petroleum sector, the government is reviewing the legal framework of the Ghana National Petroleum Corporation (GNPC) to transition it into a more competitive commercial entity. The resolution of disputes with upstream players has unlocked roughly $3.5 billion in investment. This includes $2 billion for the Jubilee and TEN fields, which is expected to reduce Jubilee gas prices by about 18 ~~percent,~~ percent and save the country approximately $300 million. An additional $1.5 billion ~~from~~ has been committed by partners in the Offshore Cape Three Points ~~project~~ project, including Eni, Vitol, and GNPC, to support gas export expansion and the Eban-Akoma discoveries. Despite these gains, officials noted that declining production and dwindling reserves remain critical challenges requiring accelerated exploration.

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