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Tullow has reached an agreement with 12 financial institutions in Ghana to enhance access to finance for its local supplier community. Recognizing the capital-intensive nature of the energy sector, the company aims to support local businesses operating within the industry by facilitating better access to capital.
Navigating financing channels in Ghana has become increasingly difficult over the years. To address this, Tullow has introduced the “Tullow Supplier Access to Finance” program, which seeks to bridge the gap between local banks and suppliers, positioning Tullow as a crucial facilitator.
At a recent ceremony to unveil the program, 12 universal banks in Ghana, including Absa, Standard Chartered, UBA, Zenith, and Ecobank, signed a Letter of Cooperation to initiate the program. The launch event saw attendance from over 145 companies within the local supplier base.
John-Medard Madama, the Acting Managing Director of Tullow Ghana, remarked, “This is a significant step in our commitment to empower local suppliers operating in the sector to be competitive and build capacity. By enabling access to financial products, these companies will have the wherewithal to support our business operations. We are committed to building a better future for Ghana, and this is another avenue to project leadership in the industry.”
Over the years, Tullow has collaborated with various stakeholders, including the Petroleum Commission, to bolster the efforts of indigenous suppliers and companies within the oil and gas industry. This commitment has empowered numerous local service companies, strengthened the country’s supply chain activities in the upstream sector, and created job opportunities and training programs, thereby contributing to overall economic growth.
Since the beginning of this year, approximately 72% (US$26.6m) of Tullow’s total contracts awarded (US$37m) have been with indigenous companies.
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