- Stanbic Bank emphasized the need for a clean-up
- It was a platform for industry leaders and policymakers
- The event focused on strategies
Stanbic Bank Ghana has emphasized the urgent need for a clean-up of the country’s energy sector to attract the necessary investment for its growth and sustainability.
Nii Ayitey Tetteh, Executive Vice President for Energy & Infrastructure at the bank, made the call during a panel discussion at the 13th Ghana Economic Forum.
While acknowledging the availability of funds for the sector, he stressed that investor confidence is crucial for unlocking these resources.
“No investor will put money in a sector burdened with significant legacy debts,” Tetteh warned. Although initiatives like the cash waterfall system have improved the sector’s payment landscape, he emphasized the need for further reforms to create a more attractive investment climate.
The banking executive likened the current state of the energy sector to building on shifting sands.
He argued that addressing the sector’s underlying issues is paramount before seeking substantial investments.
A strong, stable, and transparent energy sector, according to Tetteh, is essential to attract external capital.
The 13th Ghana Economic Forum provided a platform for industry leaders and policymakers to discuss challenges facing the Ghanaian economy and propose solutions.
The event focused on strategies to re-engineer the country’s economic model for sustainable development.
