{"id":19895,"date":"2014-05-21T10:41:35","date_gmt":"2014-05-21T10:41:35","guid":{"rendered":"http:\/\/4cd.e16.myftpupload.com\/?p=19895"},"modified":"2014-05-21T10:41:35","modified_gmt":"2014-05-21T10:41:35","slug":"hfc-to-push-local-oil-mining-companies-to-greater-heights","status":"publish","type":"post","link":"https:\/\/citifmonline.com\/2014\/05\/hfc-to-push-local-oil-mining-companies-to-greater-heights\/","title":{"rendered":"HFC to push local oil &#038; mining companies to greater heights"},"content":{"rendered":"<p>Local businesses in the mining and oil and gas sectors can now compete with their foreign counterparts in the execution of contracts without struggling to fund their operations.<\/p>\n<p>Many local companies in the two sectors over the years have faced serious financial and operational challenges in executing contracts awarded to them due to their weak capital base.<\/p>\n<p>But the introduction of a 70 million dollar credit facility by HFC bank in collaboration with Afreximbank, and Renaissance Africa Group \/Calag Capital Limited to provide financing primarily for Ghanaian companies operating in the oil and gas, and mining services industries in Ghana is expected to deal with this challenge.<\/p>\n<p>Any company which has operated for at least 3 years in the oil including upstream &amp; downstream oil business, gas or mining service business is qualified for the facility.<\/p>\n<p>Managing director of HFC bank Asare Akuffo tells Citi Business News the facility will fund the operations of local business in the mining and oil and gas sectors at a much competitive rate.<\/p>\n<p>HFC bank is offering this facility to service providers in these two sectors, we are aware of the local content agenda of government and we think that by bringing this facility we can help Ghanaian businesses in the sectors. We are hopeful the companies will take advantage of this facility and become dominant in the sectors so we can retain the earnings from these sectors substantially in Ghana\u2019. He said<\/p>\n<p>The latest development makes HFC the first Financial Institution in Ghana to provide this type of facility to the mining and oil &amp; gas sectors.<\/p>\n<p>Citifmonline.com\/Ghana<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Local businesses in the mining and oil and gas sectors can now compete with their foreign counterparts in the execution of contracts without struggling to fund their operations. Many local companies in the two sectors over the years have faced serious financial and operational challenges in executing contracts awarded to them due to their weak [&hellip;]<\/p>\n","protected":false},"author":14,"featured_media":19901,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[19],"tags":[4],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>HFC to push local oil &amp; mining companies to greater heights - Citi 97.3 FM - Relevant Radio. 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