Tullow Ghana has concluded a 10-month-long Supplier Finance Readiness Programme designed to provide selected suppliers impacted by the COVID-19 pandemic in the oil and gas industry in Ghana, financial and business advisory support to build financially resilient and sustainable businesses for the future.
The programme, which was implemented by Invest In Africa (IIA), a private sector-led initiative focused on growing local businesses, brought together more than 150 individual participants and over 35 companies to undertake a rigorous training in financial modelling, business plan preparation, financial management, corporate governance, and business risk management over the programme period.
Speaking at the graduation ceremony in Accra, Managing Director for Tullow Ghana, Wissam Al-Monthiry, 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 training also gave participants, important financial toolkits to enhance their interactions with lending institutions and strengthen their capacity and preparedness to access finance.
Overall, 151 suppliers gained knowledge of various funding options as well as insights into financial restructuring opportunities, while 36 businesses received one-on-one business advisory services.
Participating businesses were selected from Tullow's supplier list and IIA's African Partner Pool (APP) companies operating in the oil and gas industry in Ghana.