Ghana, Nigeria Must Deepen Partnership

With the launch of a branch of the International Energy Insurance (IEI) Company Limited in Ghana, Ghana and Nigeria have entered into a partnership aimed at liberating the African continent.

Based in Nigeria, the IEI Company Limited is a financial institution engaged in the provision of insurance solutions for the energy and industrial sectors.

Speaking at the launch, on behalf of the President in Accra, the Minister for Manpower, Youth & Employment, Nana Akomea, said the partnership was the kind of integration Ghana and Africa needed to present a stronger presence in international business.

He added that the move was a smart one, probably because Ghana had hit the single richest oil field in Africa and needed the kind of business IEI was bringing into the country.

Mr Akomea said it was crucial that Ghana learnt from the mistakes of other oil-rich countries to prevent it from repeating those mistakes and rather learn from their successes.

He said the government would ensure that revenue from the oil would transform the lives of Ghanaians in all parts of the country, through the provision of sufficient basic amenities like water, electricity and adequate housing.

He pointed out that the banking industry had been transformed tremendously within the last few years, with the introduction of banks from Nigeria and indicated that the opening of the branch of the IEI was timely.

"It is competition that will bring sanity in the banking industry and the advent of Nigerian banks have demonstrated that perfectly and other banks have followed the trend", he said.

The Chairman of IEI-Ghana, Mr N. Gabby Nketia, said the partnership was a dream come true for the company to create and develop the technical and financial capacity to underwrite energy-related risk.

"Our dream of making a difference on the economic landscape of our country and continent is one that has fellowship beyond political and social boundaries", he said, adding that their strength was not only financial but in the human resource they intended to introduce into the country.

The Group Chairman of IEI, Lieutenant General Salihu Ibrahim (retd), said it was their vision to build energy insurance competence and capacity within the West African sub-region and expressed his pride in the fact that Ghana had their first branch outside Nigeria.

He said the company had a partnership with the Economic Community of West African States (ECOWAS) Bank for Investment and Development to create a fund for renewable energy.

"This is a fund dedicated to assisting entrepreneurs of our sub-region to develop businesses that will support the energy needs of our people," he explained, hinting that they had pledged $20 million as their financial contribution towards the realisation of the set goals.

Story by Edward Turkson