AFCâ€™s $20m pact with Fidelity Bank to facilitate fuel importation
Category: Investors NewsBeat
MONDAY, 24 MAY 2010 00:00
Africa Finance Corporation (AFC) has signed a trade finance agreement with Fidelity Bank Ghana. AFC, in partnership with Fidelity Bank, will be providing up to $20 million to part-finance the importation of petroleum products into Ghana.
Commenting on the transaction at the signing ceremony in Accra last week, AFC’s President and Chief Executive, Andrew Alli said: “As a non-oil producing country for now, the Ghanaian economy is heavily dependent on oil imports, which consume a considerable portion of the government’s yearly budget. This situation will, no doubt, change for the better once current operational and financial challenges in the oil refining sector are overcome. As a private sector-driven organisation, AFC is pleased to be able to play a significant role in a trade finance deal of this kind, whose outcome will have positive implications for the local economy.”
Mr. Edward Effah, managing director of Fidelity Bank Ghana, expressed satisfaction at his bank’s partnership with AFC. “The Ghana downstream oil industry is key to the economy. Oil-derived products supply 70 per cent of Ghana’s commercial energy needs. Fidelity Bank Ghana is pleased, through this important partnership, to be able to make a significant contribution to the local economy and better enable the delivery of retail petroleum products to Ghanaian consumers.”