Sankofa Gas Project (Offshore Cape Three Points)
Ghana structured the Sankofa offshore gas development as a public-private deal in which Eni and Vitol invested and the state oil company GNPC bought the gas under take-or-pay terms backed by an IDA payment guarantee, mobilising US$4,653 million of private capital and bringing first gas to power plants in 2018.
4,653 US$ million, private sector capital mobilized for the sankofa gas field development, 2018. 90 million standard cubic feet per day, average daily gas off-take in 2019, against take-or-pay volume of 170 mmscfd, 2019. World Bank, Implementation Completion and Results Report ICR 147538-GH, Ghana Sankofa Gas Project (P152670), retrieved 2026-10-02.
The move, and what it needed
The Government of Ghana and GNPC contracted to buy domestic gas from a privately financed offshore field on take-or-pay terms, and the World Bank guaranteed those payments so that private sponsors and banks would commit capital to a sub-Saharan gas project.
Preconditions
- A proven offshore gas discovery and an international operator willing to develop it
- A multilateral guarantee to cover the sovereign's payment risk
- A power sector able to pay for the gas, which Ghana's state utilities could not do on time
Limits: The capital was private and the build was done by the Eni-Vitol consortium; Ghana's institutional move was the deal structure and the offtake, and that side performed worst. GNPC could not pay: arrears reached US$192 million by March 2020 and the sponsors drew US$191.6 million on the letter of credit backed by the IDA guarantee, so the public half of the partnership needed a World Bank backstop within two years of first gas. Off-take in 2018 and 2019 was a fraction of the 170 mmscfd the state contracted to take or pay for, because the pipeline interconnector to the eastern market was late and demand in the west was too small, which means Ghana paid for gas it did not use. The source is the World Bank's own completion report on its own guarantee, written in 2020, and its figures are not published as a machine-readable series; the source stops in mid-2020. One deal, however large, says little about the frequency of public-private delivery the indicator asks for.