Ghana GCB Bank injects more cash in the Energy Sector

Ghana GCB Bank injects more cash in the Energy Sector

GCB Bank is the leading bank in the country, supporting the power, oil, and gas sectors. The bank has extended financial support of GH¢100 million (17,54 Million USD) to the energy sector of the country at the end of 2019. 

This financial support went into selected oil marketing companies (OMCs) and bulk distribution companies (BDCs) as working capital and financing for capital expenditure. GCB Bank has been a significant partner to electricity generation and distribution companies in respect of their working capital needs, trade finance, and other investments in infrastructure.  

The Managing Director of GCB, Mr. Anselm Ray Sowahmentioned that financial assistance was extended towards the relocation of Karpowership from Tema to Takoradi, amongst other projects within the sector. 

Mr. Sowah said the bank had also partnered one of the big local oil marketing companies to establish a bitumen plant in Tema to support the domestic production of bitumen. The Acting Head of Corporate Banking, Mr. Antwi Boasiako, underscored the importance the energy sector plays in the economy, hence the engagement with them. 

Original Article here 

Categories: Africa, Other Topics
Tags: Ghana,

About Author

Arnaud Lefevre

Arnaud Lefevre is the Chief Executive Officer of Dynatom International. Arnaud is in charge of the international development of the business portfolio.