Deloitte partner proposes specialized financial institution for Ghana’s industry
Yaw Appiah Lartey, Deloitte Africa’s infrastructure and capital projects leader, proposed creating a specialized financial institution in Ghana to support industrial development and local businesses. He said this at the Africa Oil Week Energy Conference in Accra, MyJoyOnline reports.
Long-term financing
According to Lartey, such an institution could provide affordable long-term financing to companies in strategic capital-intensive sectors, including the oil and gas industry, manufacturing and other industries. In his view, this would contribute to the country’s economic transformation.
As an example, he cited Nigeria’s Bank of Industry, which supports industrial development, including in the oil and gas sector. Lartey noted that the institution offers companies and businesses financing at rates of 5% to 7%, and Ghana could adopt a similar model.
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Need for capacity development
The Deloitte Ghana representative, who is also a strategy and transactions partner, believes the new institution could complement the work of the Agricultural Development Bank and the National Investment Bank. In his assessment, this would make targeted financing more accessible for industrial expansion, the development of small and medium-sized enterprises, and companies capable of driving economic growth.
At the same time, Lartey stressed that access to financing alone is insufficient for Ghanaian companies to become globally competitive, especially in the oil and gas industry. He called for combining financial support with technical training, skills development and other forms of assistance to strengthen the capacity of local small and medium-sized enterprises.
