Tullow Ghana has concluded a 10-month long Supplier Finance Readiness Programme to provide financial and business advisory support to some suppliers affected by the COVID-19 pandemic.
More than 150 suppliers and 35 companies selected from the oil and gas industry in Ghana were trained to build financial resilience and sustainable businesses for the future.
Facilitated by Invest In Africa (IIA), a private sector-led initiative focused on growing local businesses, the participants were trained in financial modelling, business plan preparation, financial management, corporate governance, and business risk management.
The training also gave participants, important financial toolkits to enhance their interactions with lending institutions and strengthen their ability and preparedness to access finance.
Speaking at the closing ceremony in Accra, Mr Wissam Al-Monthiry, Managing Director for Tullow Ghana, reiterated the Company’s resolve to support individuals and companies in the oil and gas sector towards sustainable development.
He said: “Tullow Ghana will continue to support local capacity development through various targeted knowledge sharing interventions to equip local companies and increase their participation in the industry while making them globally competitive.”
The programme, which was launched in August 2021, formed part of initiatives to help suppliers in the oil and gas industry to be financially resilient and sustainable.
It had become more important as Ghanaian businesses focused on delivering maximum value from the Jubilee and TEN fields under the Ghana Value Maximization Plan.
When fully executed, the plan would see a further $4 billion investment in Tullow’s Ghana operations over the next 10 years.
This is expected to lead to more activities and an increase in production, which means more suppliers and more supply volume requirements.