The Managing Director of GCB Bank Limited, Kofi Adomakoh, says there is no reason why banks will not invest in renewable energy and other projects to spearhead the development of the national economy.
He explained that banks including GCB, largely look at the viability of the projects and conduct due diligence before investing in such projects.
Speaking at the Sunref Ghana conference in Accra, Mr Adomakoh said banks are willing to support and invest in projects that are viable and sustainable.
Sunref Ghana is an initiative that develops a viable market in sustainable energy and environmental services and consolidates a financing market for green investments (energy efficiency, renewable energies), improves energy security, and facilitates access to green finance for companies and individuals.
On the theme, towards a greener future, it was developed by the Agence Francaise De Development (AFD) with financial support from the European Union. Energy Commission, GCB Bank and CalBank.
It is a lending programme that promotes green growth and a turnkey offer to finance green investment for businesses.
Mr Adomakoh while lauding the Sunref Ghana initiative, called for the development of the technical capacity of beneficiaries and entrepreneurs so as to meet the requirements of lending and enhance sustainability.
He said GCB, as the lead bank in financing national strategic projects would play a critical role for the benefit of indigenous entrepreneurs.
He cited the involvement of the Bank in the government flagship programme of the One District One Factory (1D1F) initiative as a typical model to empower local entrepreneurs to upscale development.
The GCB MD noted that “there is the need for Ghanaian industries especially cottage industries to benefit from synergies” adding that the programme would bring some value.
Touching on alternating funding sources for Ghanaian and African businesses, Mr Adomakoh pointed out that there is available funding that entrepreneurs are not tapping into and urged them to take advantage of these.
The Managing Director of CalBank, Philip Owiredu, reiterated that one key factor considered by banks in financing projects is risk.
The Team Leader of Sunref, Norman Michaud, explained that the project would help strengthen the capacity of local stakeholders; companies, businesses, associations, sustainable energy agencies, ministries and partner banks.
He explained that the project offers credit lines, investment grants, technical assistance and partnership and urged partner banks to make funding available.