Economic Impact Assessment of IFC Investments in Ghana’s Oil & Gas Sector

VIS, as part of a consortium with Ramboll Denmark A/S (leader) and E3 Modelling, was awarded a contract by the World Bank (IFC) to conduct an economic impact assessment of IFC’s investments in Ghana’s oil and gas sector. The study evaluated the effects of increased gas supply to the electricity sector and the development of local suppliers in the oil and gas value chain, estimating the direct, indirect, and induced economic impacts and identifying potential growth constraints.
The project included the development and application of a Computable General Equilibrium (CGE) model—specifically, the GEM-E3-G model adapted for Ghana—to capture the broader macroeconomic impacts of IFC investments. VIS contributed to updating and calibrating the model, developing dynamic economic scenarios, and quantifying the differences with and without IFC investments. At the micro level, VIS also conducted a detailed value chain analysis of Ghana’s oil and gas sector, mapping local supplier development and assessing its impact on job creation and economic growth. Services provided included advanced economic modeling, sectoral analysis, development of tailored value chain frameworks, and extensive primary research.