The Senior Presidential Advisor, Yaw Osafo-Marfo, has urged Republic Bank to diversify its banking services and venture into oil and gas.
He said Republic Financial Holdings Limited of Trinidad and Tobago, the mother bank, of Republic Bank, had been instrumental in the development of the oil and gas industry in the Caribbean.
“I urge Republic Bank to consider venturing into this area of operations so that you can leverage your expertise and competencies to further enhance current dynamics in that sector here in Ghana,” he said during the inauguration of the Headoffice annex of Republic Bank in Accra on Friday.
Dubbed ‘Republic Court,” the Headoffice annex is located near the African Union Square around the Ridge Roundabout in Accra.
MrOsafo-Maafo said the inauguration of the new head office annex demonstrated the bank’s commitment to better serve its customers.
“Without a doubt, Republic Bank, has demonstrated commitment to growth and impact and this building is further demonstration of your preparedness to invest to improve your operations order to serve your customers effectively and efficiently,” he said.
MrOsafo-Maafo also commended the bank for its focus on mortgage housing and products to addressing the housing challenge in the country, stressing that “housing finance and real estate investments have become some of your core and critical niches.”
That, the Senior Presidential Advisor, said dovetailed into government’s commitment to invest in the housing sector in order to create a decent and affordable house for all.
The Managing Director of Republic Bank, MrFaridAntar said although the Republic Financial Holdings Limited had a big balance sheet to finance oil and gas projects, most of the multi-national companies in oil and gas companies come with their own capital.
Thus, he said, there were not a lot of opportunities in the oil and gas sector for the regional or local banks in Trinidad and Tobago.
In view of this, he said, what the local and regional and local banks in Trinidad and Tobago, did was financing support services in the areas of laying of pipes.
In Ghana, he said, the bank was financing some companies in the services companies in the downstream oil and gas sector.
“The level of our investment in the oil and gas sector in Ghana is not what we want, but we intend to do more,” he said.
BY KINGSLEY ASARE
