News
IIA, Tullow join forces to deliver financial readiness programme for suppliers
Invest in Africa (IIA), a not-for-profit organisation focused on growing local small and medium enterprises (SMEs) across sub-Saharan Africa, has been selected by Tullow Ghana Limited to implement its recently launched Financial Readiness programme.
The Financial Readiness programme is an eight-month programme, launched in August 2021, with the goal of assisting suppliers in the oil and gas industry to build financially resilient and sustainable businesses for the future.
IIA will provide selected suppliers with financial tool kits that will enhance their interactions with lending institutions and offer 150 SMEs access to various funding options, as well as insights into financial restructuring opportunities.
Alongside hosting workshops, IIA will offer more tailored, one-to-one business advisory support to Tullow Ghana’s larger suppliers. These will be delivered on the back of a successful track record of similar interventions led by IIA.
Speaking on the potential impact of the programme, IIA Ghana’s Country Director Carol Annang said: “In many ways, the pandemic has reshaped how we conduct business. Its ramifications on financing for Ghanaian SMEs may be felt many years down the line, so even though this programme has a short-term outlook, its overall contribution to these SMEs will be much longer lasting. This is something both IIA and Tullow Ghana can appreciate, given our shared commitment to strengthening local supply chains.”
Wissam Al Monthiry, Managing Director of Tullow Ghana, on his part, said “As a company, the development of local capacity for participation in the oil and gas industry remains our priority. Central to developing local participation, is the ability of our local supply chain to remain financially resilient to continue participating in delivering oil and gas services to our operations. This Financial Readinessprogramme will add to our goal of ensuring a financially stable supplier base that is globally competitive”.
Invest in Africa (IIA) is a private sector-led initiative focused on growing local businesses in Sub-Saharan Africa to deliver positive economic impacts and create jobs, benefitting all stakeholders including governments and multi-national corporations who want to use their local buying power as a force for good.
Launched in Ghana in 2012, IIA now operates in five African countries, with local offices in Ghana, Senegal, Kenya and Mauritania. IIA operates the African Partner Pool (APP), a network of SMEs to which it delivers a programme of business support designed to deliver economic growth and job creation.
To date, IIA Ghana has enabled access to $2.1m of finance, provided 3000+ SMEs with business, technical and entrepreneurship training; and supported with the creation of 39,000+ jobs.
Tullow is an independent oil and gas, exploration and production group which is quoted on the London, Irish and Ghanaian stock exchanges (symbol: TLW) and is a constituent of the FTSE250 index.
The Group has interests in over 40 exploration and production licenses across 11 countries including Ghana where it operates the Jubilee and TEN fields. In March 2021, Tullow committed to becoming Net Zero on its Scope 1 and 2 emissions by 2030.
The 24 Hour Economy Authority has signed a Memorandum of Understanding with Hunan Architectural Design Institute Group to support the planning of the Volta Economic Corridor.
The agreement aims to guide how land within the corridor will be used, design key infrastructure, and develop systems that will support large scale production.
The partnership will focus on detailed planning to make the area ready for investment and smooth business operations.
The project will include the development of agroecological parks, industrial zones, and transport networks to connect production centres to markets.
According to the Authority, proper planning is critical to building strong economic systems and expanding production across the corridor.
It noted that the collaboration with the Chinese design firm will help lay a solid foundation for industrial growth and long term development within the Volta Economic Corridor.
By: Jacob Aggrey
President of the Ghana Bar Association, Efua Ghartey, has called on judges and lawyers to carry out their duties with humility, fairness, and a strong sense of responsibility.
She made the appeal during the Supreme Court at 150 celebration held at the University of Ghana, under the theme “Honouring the past, celebrating the present and defining the future.”
Addressing participants, she noted that those in the legal profession occupy positions of great power and influence, and must therefore remain humble in the discharge of their duties.
She urged both the bench and the bar to deliver justice without fear or ill will, stressing the need for fairness in handling cases.
Reflecting on the significance of the celebration, she explained that the year 1876 marks not only the establishment of the Supreme Court but also the beginning of formally trained lawyers in the Gold Coast.
The GBA President questioned what Ghana would be without the rule of law, which is upheld by judges and lawyers, adding that the country could descend into a system where only the strongest survive if justice is not properly administered.
She further encouraged legal practitioners to reflect on their responsibilities and remain committed to upholding the rule of law for the benefit of all citizens.
By: Jacob Aggrey
