Stanbic Executive calls for involvement of financial institutions in wholesale electricity market

Sydney Nii Ayitey Tetteh, Executive Vice President, Energy and Infrastructure at Stanbic Bank Ghana, has emphasized the important role of financial institutions in the soon to be implemented wholesale electricity market.

He made this statement at the Electricity Market Conference held at the Volta Residence, Akuse in the Eastern Region.

The Electricity Market Conference had experts in the energy sector share insights on ways to bring about significant improvement in Ghana’s energy sector. Mr. Tetteh, on his part, indicated that, “Electricity serves as the lifeblood of any thriving economy, and Ghana stands as no exception to this reality.

To remain truly impactful in driving a nation's development, financial institutions must take an active role within the energy sector. Presently, while our involvement in various aspects of the power sector is evident, there is a collective desire to further extend our contribution”.

Mr. Tetteh further stated that, “As a leading financial institution in the country, we at Stanbic Bank believe that a fully sanitized energy sector with active working stakeholders will create an enabling environment to support funding.

We are therefore deeply committed to engaging in this pivotal phase of the deregulation process, namely wholesale electricity market. Through our participation in that market, we aim to play a transformative role in ensuring a more robust, efficient, and sustainable energy landscape for Ghana's future prosperity.”

Active involvement by financial institutions in the energy space have mainly been hindered by a difficult credit environment. Finding a lasting solution to this requires broader stakeholder engagement and collaboration.

The event was chaired by the Deputy Minister of Energy and Chairman of the Board for the Electricity Company Ghana (ECG), Hon. Herbert Krapa. In his address, the Deputy Minister shared that, “The discussions are imperative for the nation's holistic progress. I'm delighted to have participated today, and I trust that these conversations will persist. As a ministry, we are eager to collaborate further, understanding the necessary steps and commitments required. We must develop a market framework that addresses our challenges and fosters the establishment of a sustainable power sector.”

The Electricity Market Conference, which spanned over two days, served as a crucial platform for key stakeholders in the energy sector to convene, discussing the significant challenges confronting the industry and collaboratively devising solutions. The aim was to foster positive transformations within the energy landscape, benefiting both market players and consumers nationwide.