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HFC Bank affirms commitment to support SMEs in oil and gas sector

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HFC Bank has affirmed its commitment to support Small and Medium Enterprises in the oil and gas sector in the area of financing of projects.

Accessing funds for the execution of sub-contracts in the upstream oil and gas sector has been a major challenge for local businesses in particular since the commencement of production in the country.

This phenomenon is reportedly militating against the local content agenda.

Some industry analysts have attributed the financing gap to what is said to be the high-risk nature of the sector.

The Petroleum Commission is prevailing on Ghanaian businesses to reposition and take advantage of especially new opportunities in the sector.

The Commission says it has instituted adequate measures to further enhance local content and participation in the oil and gas industry.

According to the CEO, Theophilus Ahwireng more strategies are being implemented to maximize the benefits to Ghanaians especially with the two additional fields coming on stream.

Speaking with JOY BUSINESS at the just-ended Local Content Conference and Exhibition, he emphasized it is up to local businesses to exploit  the new prospects.

But speaking with JOY BUSINESS Managing Director Robert Le Hunt said his company stands ready to assist SMEs with financing to enable them to execute contracts in the sector.

Source:  Myjoyonline

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