$2bn of World Bank-funded projects driving harmful energy investments in Ghana – Report

A new report from the Centre for Research on Multinational Corporations (SOMO) and ActionAid Ghana reveals troubling findings. It states that $2 billion in World Bank funding for oil and gas projects has harmed Ghana. The report shows that these projects prioritize corporate profits over public funds.

Additionally, foreign-led energy contracts drain over $1 billion from Ghana’s public funds each year. Joseph Wilde-Ramsing, acting Executive Director of SOMO, criticized the World Bank's actions. He said, “In Ghana, it has fueled debt while ensuring corporate profits come before public need.”

Ghanaians face high electricity prices they cannot afford. Meanwhile, foreign oil and gas companies continue to profit.

The report also highlights issues with the West African Gas Pipeline. This pipeline was supposed to reduce fuel import costs from Nigeria to Ghana. However, since its launch in 2010, gas deliveries have been inconsistent. As a result, Ghana must import expensive liquid fuels instead.

International oil giants like Shell and Chevron benefit from World Bank-backed financial guarantees. These guarantees protect them from financial risks.

SOMO and ActionAid Ghana demand accountability from the World Bank Group. They argue that its energy policies have led to devastating consequences in Ghana. Instead of promoting sustainable growth, the Bank has increased debt and energy insecurity while fostering fossil fuel dependency.

For more details, you can read the full report linked above.