GCB Bank Ltd, has extended financial support to the tune of GH¢100 million to Ghana’s energy sector in 2019.
This went into selected Oil Marketing Companies (OMCs) and Bulk Distribution Companies(BDCs) as working capital and financing for capital expenditure.
The Managing Director of GCB, Mr. Anselm Ray Sowah, who announced this explained that the companies were “supported with trade finance and currency trading for the importation of petroleum products.”
Speaking at the Bank’s breakfast meeting with energy sector customers of the Bank, the MD mentioned 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 local production of bitumen.
He said over the years, GCB Bank has been a critical partner to electricity generation and distribution companies in respect of their working capital needs, trade finance and other investments in infrastructure.
“We have also assisted them with currency trading to help manage exchange losses with regards to their imports,” Mr Sowah said.
The Deputy Managing Director, Operations, Mr. Samuel Amankwah, described the meeting as necessary in providing feedback to enable the Bank work to exceed their expectations.
The Acting Head of Corporate Banking, Mr. Antwi Boasiako, in his welcome address; underscored the importance the energy sector plays in the economy, hence the engagement with them.
He added that GCB Bank is the leading bank in the country, supporting the power, oil and gas sectors.