The support, an amount of GH¢128 million, will help establish the first bottle-to-battle plant in the country, which, when completed in September this year, will have the capacity to recycle 23,000 tonnes of waste annually.

It will supply food-grade polyethylene terephthalate (PET), the primary material found in plastic beverage bottles and it can be used for producing new bottles. The investment is in fulfilment of the bank’s commitment to green, sustainable or renewable financing.

The agreement was signed between the two institutions in Accra last Wednesday (May 8). The Managing Director (MD) of SG Ghana, Hakim Ouzzani, signed on behalf of the bank, while the Chief Executive Officer (CEO) of Polytank Ghana Limited, Ashok Mohinoni, also signed for his company.

PET consumption in Ghana

Ghana’s PET consumption grows at an annual rate of between 12 to 15 per cent with about 2 kilograms discarded every second. This has led to a significant negative impact on the environment due to the disposal of non-biodegradable materials.

Sustainability

Mr Ouzzani said SG Ghana was a strong advocate of sustainability and the global carbon emissions reduction efforts. He said the successful conclusion of the financing underlined the bank's unrivalled capabilities in sustainable project financing in the Ghanaian market.

Once operational, he said, the recycling plant would lead to a significant reduction in plastic waste in the country. “If there were 15 to 20 companies like that doing different categories of recycling of plastic waste, I doubt there would be any more waste in Ghana,” Mr Ouzzani said.

Cost reduction

Mr Mohinoni also said the plant would help reduce the company’s operational costs as it would reduce the quantities of resin that the company imported every year. Additionally, he said the construction of the plastic recycling plant would greatly alleviate the environmental cost associated with the use of PET materials while still providing quality, healthy products for consumers.

Mr Mohinoni said the move underscored the company’s interest in supporting the environment amidst the ongoing conversation on sustaining a green planet. “Waste is a menace that we all know about, and I am excited that we are finding a solution for it by putting up this recycling plant as we find a sustainable solution.

 After the signing of the agreement, it is evident that both groups remain committed to working towards achieving the Sustainable Development Goals beyond their traditional institutional roles,” he said.