Ghana, Six Other Countries Compete To Host African Energy Bank

Ghana and six other African countries have declared their intention to be the host country for the proposed African Energy Bank, expected to be established later this year or early next year.

The six other countries competing with Ghana are Egypt, Nigeria, Benin, South Africa, Ivory Coast and Algeria.

African Petroleum Producers’ Organization (APPO) mooted the idea for establishment of African Energy Bank last year, during the eight African Petroleum Congress and Exhibition in Luanda, Angola.

This follows the decision by international banks which had been funding oil and gas projects to cut, funding for oil and gas projects due to the ongoing global energy transition.

Ghana, Namibia and Senegal which are all oil producing nations, were admitted as members of APPO, which is based in the Republic of Congo in November 2022.

Speaking to energynewsafrica.com in Accra, capital of Ghana, after engaging President Akufo-Addo and officials of Ministry of Energy, Secretary General of the African Petroleum Producers’ Organization (APPO), Dr. Omar Farouk Ibrahim said it requires the organization to visit new member countries to engage officers, who would be representing them on their various organs and committees.

He said in the course of their engagement, they had the opportunity to meet President Akufo-Addo for discussion on the hosting of the proposed African Energy Bank.

According to him, President Akufo-Addo made a strong case for Ghana, citing a number of reasons why Ghana is best suited for hosting the bank.

Dr Omar Farouk Ibrahim said one of the criteria is that there should be, at least, two countries ratifying their laws, before a decision on the location of the band is taken.

He told energynewsafrica.com that President Akufo-Addo indicated that steps had already been taken to ratify Ghana’s laws in line with the requirements of APPO.

He revealed that he and his team were taken to a building in Accra which President Akufo-Addo believe could host the bank.

Dr. Farouk Ibrahim said Egypt has also invited them for a visit to inspect a building they believe can host the bank.

Source: https://energynewsafrica.com