Stanbic Ghana has expressed its continuous support to the mining sector to leverage on its skills in corporate finance, advisory, risk management and knowledge of the financial markets.
The bank was of the view that the support initiative was critical because Africa was the largest producer of gold and a key driver to the country’s socio-economic development.
Ms Juliet Sheiddy Akamboe, Head of Mining and Metals, Stanbic Ghana, said this in an interview with the Ghana News Agency in Accra on the sidelines of the “Ghana Mining and Energy Summit”.
The Summit was on the theme “Harnessing Mining and Energy Potential to Accelerate National Development.”
Ms Akamboe said the Bank had supported the mining companies and drilled down their suppliers and contractors, helped in buying fleet and mining equipment, supported in environmental guarantees and invoice discounting.
“This is necessary because we believe to get value as an economy, that value has to transform from these foreign mining companies through to the value chain, the contractors to the suppliers and the employers to get the needed benefits,” he added.
The Bank had supported Gold Fields Ghana Limited in implementing their strategy of consistently increasing production through exploration, local content empowerment, expansions and acquisitions.
She said the Bank’s expertise in the mining industry across Africa puts them in the best position to offer tailored made financial solutions to mining companies.
“We have specialist mining teams across Africa consisting of Geologists, Mining Engineers and Relationship Managers who deliver tailor made solutions for our clients,” she added.
She said as part of its performance in the sector, the Bank had won several awards which reinforced the Bank’s position as the top in the country and the continent with a deep specialization in natural resources.
Ms Akamboe said the Bank was looking forward to support the education system in the mining sector in upscaling young entrepreneurs to grow and expand their business module.
She posited that, as a result, the bank launched the Small and Medium Enterprises (SMEs) Incubator aimed at building strong small enterprises to help accelerate the socio-economic development of the country.
Ms Akamboe said the sector was essential because when the SMEs are supported, it helps build up competitiveness and the capacity to play in the global or regional marketplace.
She said the Bank was hoping to bring other financial entity on board to address the fears in relation to lending to the mining value chain so that other financial institutions can open up to the mining sector to their contractors and suppliers to make a difference in the country.