Deloitte Africa Leader for Infrastructure & Capital Projects, Yaw Appiah Lartey, has called for the establishment of a specialised bank to support industrial development and the growth of local businesses in Ghana. Speaking at the Africa Oil Week Energy Conference in Accra, Mr Lartey outlined a model that would provide affordable, long‑term financing to companies operating across strategic capital‑intensive sectors, including oil and gas and manufacturing, to drive economic transformation.
He cited Nigeria’s Bank of Industry (BOI) as a successful example, noting that the Nigerian institution offers interest rates as low as 5% to 7% for industrial companies. “It’s something that elsewhere in Africa, including Ghana, we can learn that and have a bank that’s established for industry,” he said.
While acknowledging the importance of initiatives such as the Women’s Bank, Mr Lartey argued that similar energy should be directed toward Ghana’s broader industrial financing needs. He added that a new institution could complement existing entities such as the Agricultural Development Bank and the National Investment Bank, making dedicated financing accessible for industrial expansion, SME development and businesses capable of driving growth.
However, he cautioned that access to finance alone would not be enough to transform Ghanaian businesses into globally competitive players, especially in the oil and gas industry. “We have to build the capacity of our local SMEs, so the local operators need to be empowered. If they are not empowered technically and they don’t have the competence, we probably cannot develop them to become top giants in the oil and gas space,” he noted.
Mr Lartey called for financing to be complemented by technical training, skills development and other forms of support to enable local businesses to compete effectively and seize opportunities in the industrial and energy sectors.
