Tullow Oil Ghana has launched a new program to bridge the gap between local suppliers and financial institutions, making it easier for Ghanaian businesses to access funding.
The initiative, called “Tullow Supplier Access to Finance,” recognizes the challenges faced by local companies in the capital-intensive energy sector. By partnering with 12 Ghanaian banks, Tullow aims to streamline the financing process and empower local suppliers to compete and grow.
Key Points:
12 Ghanaian Banks Signed Up:
Major institutions like Absa, Standard Chartered, UBA, Zenith, and Ecobank are collaborating with Tullow on this program.
Improved Access to Capital: Local suppliers will have greater access to financial products and services, allowing them to support Tullow's operations more effectively.
Boosting Local Economy: The program is expected to create jobs, training opportunities, and contribute to Ghana's overall economic growth.
Building a Stronger Supply Chain: By empowering local companies, Tullow aims to strengthen Ghana's supply chain activities, particularly in the upstream oil and gas sector.Tullow’s Commitment to Local Businesses:
John-Medard Madama, Acting Managing Director of Tullow Ghana, emphasized the company’s commitment to supporting local businesses. This program builds on Tullow’s existing efforts alongside the Petroleum Commission to empower Ghanaian suppliers and companies operating in the oil and gas industry.
Early Success:
Since the beginning of 2024, Tullow has awarded 72% (US$26.6 million) of its total contracts (US$37 million) to indigenous Ghanaian companies. This initiative is expected to further increase local participation in the oil and gas sector.
