A new report by the Centre for Research on Multinational Corporations (SOMO) and ActionAid Ghana has revealed that the World Bank has invested $2 billion in oil and gas projects in Ghana—backing fossil fuel developments that have caused serious harm to the country.

According to the report, these projects have favoured corporate profits over Ghana’s national interest, placing a heavy burden on public resources.

It also found that expensive energy contracts led by foreign companies are draining over $1 billion from Ghana’s public funds every year, worsening the country’s financial challenges.

“The World Bank claims to champion development. In Ghana, it has done the opposite—fueling debt while ensuring corporate profits come before public need,” said Joseph Wilde-Ramsing, acting Executive Director of SOMO. “Ghanaians are paying high prices for electricity they can’t afford, while foreign oil and gas companies reap guaranteed profits.”

The report also pointed out that the West African Gas Pipeline has failed to deliver on its promise of reducing fuel costs by supplying affordable gas from Nigeria to Ghana.

“The West African Gas Pipeline, one of the first major regional energy public-private partnerships, was meant to ensure a steady supply of affordable gas from Nigeria. Instead, since its launch in 2010, gas deliveries have been inconsistent, forcing Ghana to import costly liquid fuels that the pipeline was meant to partially offset.

Meanwhile, international oil giants like Shell and Chevron have enjoyed World Bank-backed financial guarantees, insulating them from financial risks.”

SOMO and ActionAid Ghana are now calling for accountability from the World Bank.

They argue that: “The World Bank Group must be held accountable for the devastating consequences of its energy policies in Ghana. Instead of fostering sustainable growth, the Bank has locked the country into crippling debt, energy insecurity, and fossil fuel dependency.”