AFC signs N3bn finance deal with Fidelity Bank

Commenting on the transaction at the signing ceremony in Accra at the weekend, AFC’s President and Chief Executive, Andrew Alli ,said as a non-oil producing country for now, the Ghanaian economy is heavily dependent on oil imports, which consume a considerable portion of the government’s annual budget. This situation, he said, would no doubt, change for the better once current operational and financial challenges in the oil refining sector are overcome. As a private sector-driven organization, AFC is pleased to be able to play a significant role in a trade finance deal of this kind, whose outcome will have positive implications for the local economy.

Edward Effah, Managing Director of Fidelity Bank, Ghana, expressed satisfaction over his bank’s partnership with AFC. “The Ghana downstream oil industry is key to the economy. Oil-derived products supply 70 percent of Ghana’s commercial energy needs. Fidelity Bank, Ghana, is pleased through this important partnership, to be able to make a significant contribution to the local economy and better enable the delivery of retail petroleum products to Ghanaian consumers.”