Head, Power and Infrastructure – Corporate and Investment Banking of Stanbic Bank Ghana, Sydney Nii Ayitey Tetteh, has reiterated the bank’s commitment to support all clients who have been adversely affected by the impact of the COVID-19 pandemic, particularly in the infrastructure space.
According to Sydney Tetteh, players within the airline and freight industry have been severely impacted and their survival are hinged largely on the response of their financial partners.
“Airlines, shipping lines, freight forwarders, port managers and regulators of the air and sea ports worldwide have been adversely impacted with varying levels of intensity. Players within the sector in Ghana were not spared with the top line of some of these companies plunging by over 90%. Meeting operational expenses such as salary payments as well as debt obligations suddenly becomes a challenge.
The survival of these entities in these difficult times are hinged on a number of factors of which most critical could be the response of their financial partners/banks. Stanbic has been swift and clinical in its response to support these affected clients”, Sydney Tetteh noted.
He further noted that Stanbic Bank appreciates the difficulties of the companies and has been resolute in their support for those who have been affected. Sydney Tetteh said “This support has ranged broadly from the provision of additional working capital lines to deferring due loan repayments for others. For other affected companies who had to temporarily apply pay cuts to their personnel, Stanbic stepped in to support these employees by granting a 3-month repayment reprieve for those who had personal loans with the bank.”
The challenges facing companies in the infrastructure and power space due to COVID-19, notwithstanding, Sydney Tetteh expressed optimism for their recovery albeit at a slow pace. According to him, “For our clients within the Power and Infrastructure space, though we do acknowledge that recovery for the affected companies will be slow, the outlook is considered positive. Some of these entities were badly hit but remain in existence and with economic activities rebounding, we are of the firm belief that it can only get better.
Most importantly for the bank, this crisis has re-affirmed our clients’ trust in us as loyal financial partners”.