Finance

GCB injects GHC100 million into energy sector

GCB Bank Ltd has extended financial support to the tune of GH¢100 million to the energy sector of the country this year.

This went into selected oil marketing companies (OMCs) and bulk distribution companies (BDCs) as working capital and financing for capital expenditure.

The Managing Director of GCB, Mr. Anselm Ray Sowah, who announced this explained that the companies were “supported with trade finance and currency trading for the importation of petroleum products.”

Speaking at the Bank’s breakfast meeting with energy sector customers of the Bank, the MD mentioned that financial assistance was extended towards the relocation of Karpowership from Tema to Takoradi, amongst other projects within the sector.

Mr. Sowah said the Bank had also partnered one of the big local Oil Marketing Companies to establish a bitumen plant in Tema to support the local production of bitumen as part of the Bank’s continuous support and financing to the sector.

He said over the years, GCB Bank has been a critical partner to electricity generation and distribution companies in respect of their working capital needs, trade finance and other investments in infrastructure.

“We have also assisted them with currency trading to help manage exchange losses with regards to their imports,” Sowah said.

The Deputy Managing Director, Operations, Mr. Samuel Amankwah, described the meeting as necessary in providing feedback to enable the Bank to work to exceed their expectations.

The Acting Head of Corporate Banking, Mr. Antwi Boasiako, in his welcome address; underscored the importance the energy sector plays in the economy, hence the engagement with them.

He added that GCB Bank is the leading bank in the country, supporting the power, oil and gas sectors.

 

Source: www.gcb.com.gh

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. In addition to his media ventures, Solomon serves as a Brand Ambassador for Alabuga, a prominent Russian industrial company, representing their interests and expansion across Africa. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

Related Articles

Back to top button