Accra, May 20, GNA - Africa Finance Corporation (AFC) and Fidelity Bank (FB) Ghana, on Thursday signed a 20-million-dollar trade finance agreement to partly-finance importation of petroleum products into the country. It was signed by Mr Edward Effah, Managing Director of FB, Ghana, and AFC's President and Chief Executive, Mr Andrew Alli, in Accra. Mr Alli said "as a non-oil producing country for now, the Ghanaian economy is heavily dependent on oil imports, which consume a considerable portion of the government's annual budget."

He expressed optimism that the situation where Ghana heavily depended on oil imports would soon change for the better once current operational and financial challenges in the oil refining sector were overcome. "As a private sector-driven organisation, the management of AFC is pleased to be able to play a significant role in a trade finance deal of this kind whose outcome will have positive implications for the local economy," he said.

Mr. Effah said the country's downstream oil industry was key to the economy adding that oil-derived products supplied 70 per cent of the country's commercial energy needs.

"The management of Fidelity Bank, Ghana is pleased through this important partnership to be able to make a significant contribution to the local economy and improve the delivery of retail petroleum products to Ghanaian consumers," he said.

AFC is an African-led financial institution with the mission to improve African economies by proactively creating, developing and financing infrastructure, industrial and financial assets.