President Mahama Announces Full Settlement of $500 Million Gas Debt to ENI and Vitol in 2026 SONA

President John Dramani Mahama today declared that the government has fully cleared all outstanding gas invoices owed to ENI and Vitol, amounting to approximately $500 million, ensuring Ghana is now completely up to date with its gas consumption obligations to the Sankofa partners.

Delivering the 2026 State of the Nation Address to a joint sitting of Parliament, the President emphasised that the settlement marks a critical step in restoring credibility in Ghana’s energy sector and honouring contractual commitments.

“We pay for every gas consumed,” he stated firmly. “We have now made adequate provisions in the 2026 Budget to guarantee timely payments for all Liquid Natural Gas moving forward.”

The announcement formed part of a confident overview of the administration’s economic progress over the past year. Key highlights included:

• Ghana surpassing the $100 billion GDP mark for the first time, reflecting renewed growth momentum.
• Successful repayment of a $500 million World Bank guarantee, reinforcing Ghana’s standing as a credible and reliable international partner.
• Significant cedi appreciation:
  • 40.7% against the US dollar
  • 30.9% against the British pound
  • 24% against the euro

“We did not just arrest currency instability; we strengthened the cedi to put up a good fight against other currencies,” President Mahama declared, attributing the gains to disciplined fiscal management, improved export performance (particularly gold and cocoa), higher remittance inflows, and restored investor confidence.

The President framed these developments as evidence that Ghana is “back and ready for business,” with the fundamentals now aligned for sustained acceleration. He reiterated the shift “from planning to action” on flagship initiatives like the 24-hour economy policy.

The address, delivered under Article 67 of the 1992 Constitution, is expected to set the tone for legislative priorities, budget debates, and policy implementation throughout 2026. Opposition members, led by Minority Leader Alexander Afenyo-Markin, are anticipated to respond during parliamentary debate, likely scrutinising the quality and sustainability of the reported gains.

The full SONA is being broadcast live across major media platforms, with detailed breakdowns, sector-specific reactions, and fact-checks continuing in the hours ahead.