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Delegation visits Ghana to assess building designated for possible hosting of Africa Energy Bank

The bank’s key objective is to finance oil and gas operations in Africa to curb external financing, including from the World Bank, which typically has its limitations

A delegation from the African Petroleum Producers’ Organization (APPO) is currently in Ghana to assess the eligibility of the building designated by the government for the possible hosting of the headquarters of the yet-to-be-established Africa Energy Bank.

The bank’s key objective is to finance oil and gas operations in Africa to curb external financing, including from the World Bank, which typically has its limitations.

It aims to attract investment from countries such as Saudi Arabia, the United Arab Emirates, Qatar, and Kuwait, while addressing the funding challenges of oil and gas projects caused by the paradigm shift from fossil energy to renewable energies in the era of the energy transition.

The ministerial council of the African Petroleum Producers’ Organization (APPO) had earlier approved the take-off of the Bank in the first half of 2024.

So far seven countries namely Ghana, Egypt, Nigeria, Benin Republic, Côte d’Ivoire, South Africa and Algeria have been shortlisted to host the headquarters of the bank.

Speaking on the Asaase Breakfast Show on Monday (20 May) secretary general of APPO, Dr Omar Farouk Ibrahim said “A delegation is in Ghana to inspect the building that the government is giving as the headquarters of the bank.”

“From here they will go to other countries, they will go to Nigeria and Algeria. So this is where we are. We are looking at a US$5 billion [energy] bank.”

He added, “I can also tell you that a number of countries including Ghana have already made payment in their subscription, that tells you how serious this is.”

Listen to Dr Omar Farouk Ibrahim in the attached audio clip below: 

 

Reporting by Fred Dzakpata in Accra

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