The Managing Director of GCB, Anselm Ray Sowah, said this amount was given to selected Oil Marketing Companies (OMCs) and Bulk Distribution Companies (BDCs) as working capital and financing for capital expenditure.
Mr Sowah explained that the companies were “supported with trade finance and currency trading for the importation of petroleum products.”
He said this at the Bank’s breakfast meeting with its energy sector customers. Mr Sowah said an example of what the financial assistance was used for include the relocation of Karpowership from Tema to Takoradi, amongst other projects within the sector.
He added that the GCB Bank has partnered one of the big local Oil Marketing Companies to establish a bitumen plant in Tema. This he explained will support the local production of bitumen.
He mentioned that GCB Bank has been an instrumental 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,” he added.
The Acting Head of Corporate Banking, Antwi Boasiako, in his welcome address said the bank needs to engage the stakeholders of the energy sector often since they play a major role. Adding that GCB Bank is the leading bank in the country, supporting the power, oil and gas sectors.