Chartered Institute of Bankers organizes workshop on oil and gas industry

The Chartered Institute of Bankers (CIB), on Monday organized a four-day workshop in Accra, on letters of credit, to build the capacity of bankers and stakeholders in the oil and gas industry.

The workshop is to ensure that participants are ready to take delivery of oil and to transact business in an efficient manner.

Mr Clifford Mettle, Vice President of CIB, told the Ghana News Agency that the module for the workshop, which is expected to serve as a readiness strategy, would make room for the detail discussion of topics that include international trade, details of letters of credit and price fluctuation clauses and its related risks.

Mr Mettle who is also a Fellow of the Institute and General Manager for Sales and Marketing of Unibank (Ghana) Limited, said though some participants did not have any foreknowledge in the sector, facilitators would make the effort to reach their level to build their capacity.

Some of the participants, who expressed their appreciation for the workshop, told the GNA they were hopeful the meeting would equip them to take delivery of oil business effectively.

A letter of credit is a document issued mostly by a financial institution, used primarily in trade finance, which usually provides an irrevocable payment undertaking. It can also be a source of payment for a transaction.

Parties to a letter of credit are usually a beneficiary who is to receive the money, the issuing bank where the applicant is a client, and the advising bank where the beneficiary is a client.

Source: GNA