The Acting Head of Corporate and Investment Banking at Stanbic Bank , Musah Abdallah, has pledged the bank’s support for Ghana’s mining and power sectors due to the importance of those sectors to driving economic growth.
Mr. Abdallah said this at the West African Mining Power Conference and Exhibition (WAMPOC/WAMPEX) in Accra.
During his presentation as part of a panel discussion on the topic ‘Investment in Practice: Innovative Financial Solutions for Entrepreneurs in the Mining and Energy Sectors’, Musah Abdallah, said the bank’s support to the sectors is in line with its commitment to supporting the country’s growth.
He noted that “At Stanbic Bank, our purpose is that Africa is our home, and we drive her growth. This means that in any of the 21 African countries that we operate in, we are committed to driving growth. This purpose requires us to pay attention to the sectors that are critical for spurring growth and that is why we are pledging our continued support for the mining and power sectors.”
“In line with this, we have advanced over USD1.1 billion to Ghanaian mining, metals and energy sectors over the last 5 years. In the power sector, Stanbic Bank acted as the lead bank in a USD325 million syndicated term loan facility for a local independent power producer to set up a power plant within a mine, resulting in significant power cost savings for the mining company. We were also the joint mandated lead arrangers for the state’s power producer, providing a USD120 million syndicated term loan facility. These examples demonstrate our ability to provide comprehensive financial solutions that cater to the specific needs of the mining and power sectors,” he added.
Musah Abdallah further mentioned Stanbic Bank’s support for SMEs in the mining sector through their ecosystem banking initiative. He said, “Beyond the big companies in the sector, we also provide support to SMEs providing critical services to the sector. Our ecosystem banking initiative ensures that all companies, whether big or small, in the sector are catered for.”
According to Musah Abdallah, there exists other innovative solutions such as sustainable financing, green bonds, royalties and streaming (R&S) as well as the possibility of leveraging on crowdfunding in partnership with Fintechs. These solutions support both the large corporates and SMEs in their quest for funding.
The WAMPOC/WAMPEX is a sub-regional platform that brings together key stakeholders in West Africa’s mining and power sectors to deliberate on issues critical to the development of the sectors. The event showcases and features the latest innovations and solutions for the mining sector and is the most important meeting place for senior mining and power professionals, government representatives and stakeholders, allowing them to keep abreast of the latest industry developments, discuss key challenges and understand future opportunities.
