Banks Urged to Build Capacity for Oil

Alhassan Andani, Managing Director of Stanbic Bank

Alhassan Andani, Managing Director of Stanbic Bank Ghana, has hinted that Ghanaian Financial Institutions will need to develop the requisite human capital to benefit from the ancillary services associated with the country’s emerging oil industry.

The oil industry, apart from the drilling of crude oil, has been noted to lead to the provision of other services which many local players have been advised to take advantage of.

Among others, business would boom for operators in the hospitality industry and medical services.

While players in the construction, culinary services, transport, automobile, equipment as well as trading in safety gears will spring up.

Mr Andani who was speaking at the ongoing 63rd Annual New Year School, themed “one year of oil and gas production: Emerging issues” which is under the auspices of the Institute of Continuing and Distant Education of the University of Ghana, hinted that financial institutions would need to build the required capacity in order to take advantage of these businesses.

The Stanbic boss has therefore urged operators in the financial sector to build appropriate business models and establish international complementary networking in order to position themselves and benefit from the budding oil industry.

The week-long New Year School and conference which opened on Monday is a national event which has over the years attracted the academia, political, civil society organisations, media, professionals and ordinary citizens to discuss and make recommendations on issues of national importance.

Professor Ernest Aryeetey, Vice Chancellor of the University of Ghana, underscored the need for the focus on oil and gas this year.

He explained that there was the need to raise public awareness on key issues facing the sector and also consider key developments in policy decisions in the oil and gas industry.

Professor Yaw Ohene-Sakyi, Director of the Institute, noted that the annual event has over the years educated the public on topical national and international issues and promoted consensus-building among the citizenry of diverse views.

Last year, the 62nd New Year School and Conference focused on youth empowerment. Participants deliberated on the topic “harnessing the power of the youth for accelerated development.”

By Emelia Ennin Abbey