Sanitize Energy Sector to Attract Investments
Sydney Nii Ayitey Tetteh - Executive Vice President, Energy & Infrastructure, Client Coverage, Corporate and Investment Banking at Stanbic Bank Ghana, has called on stakeholders and policymakers in Ghana’s energy sector to prioritise the sanitation of the sector to attract the necessary investment to sustain the sector.
Nii Ayitey Tetteh made this statement at the 13th Ghana Economic Forum held at the Movenpick Ambassador Hotel in Accra.
Speaking on a panel discussion on the topic, ‘Sustainable Energy Financing and Distribution: Key to Driving Economic Activities and Growth,’ the Stanbic Bank Executive noted that there are finances available to support the sector. Nevertheless, he stressed that unlocking these funds requires creating a more investor-friendly environment. He said: “No investor will put money in a sector with huge legacy debts. Initiatives such as the cash waterfall system that ensures that suppliers receive consistent payments has helped to improve the sector but there are still more things to be done to make the sector credit worthy.”
“While the potential for substantial investment in the sector exists, it is essential that the sector’s underlying health is addressed as a foundational step. A strong, stable, and transparent sector is essential to attract external capital. Prematurely pursuing investment without first establishing a solid base is akin to building a house on shifting sands. Therefore, a comprehensive sanitization process must be undertaken to rectify any structural or operational deficiencies,” Nii Ayitey Tetteh added.
The Ghana Economic Forum was started in 2012 to bring together captains of industry and thought leaders to discuss and debate key issues affecting the Ghanaian economy and offer solutions to enhance the country’s economic growth.
The event provides a platform that offers in-depth analysis, discussions and debate on key issues affecting the Ghanaian economy and suggests solutions to help achieve the country’s economic development agenda. It is also a stage for participants to make recommendations aimed at consolidating gains and driving attention to under-served economic imperatives.
The forum also provides opportunities for participants to interact with business experts from the public and private sectors, as well as the country’s top bankers and financial service providers. The 13th edition was held under the theme, ‘Unlocking Opportunities: Re-engineering Ghana’s Economic Model for Sustainable Development.’
Sydney Nii Ayitey Tetteh,
Executive Vice President, Energy & Infrastructure,
Corporate and Investment Banking - Stanbic Bank Ghana.