Diversifying into oil and gas – Osafo-Maafo
He said Republic Financial Holdings Limited of Trinidad and Tobago, the parent bank of Republic Bank, has 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 skills to further enhance the current momentum in this sector here in Ghana,” he said. he said during the inauguration of the Republic Bank’s head office annex in Accra on Friday.
Nicknamed “Court of the Republic”, the head office annex is located near the African Union Square around the Ridge Roundabout in Accra.
Mr. Osafo-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 its commitment to growth and impact and this building is further evidence of your willingness to invest in improving your operations to serve your customers effectively and efficiently,” he said. -he declares.
Mr. Osafo-Maafo also commended the bank for its focus on housing and mortgage products to address the housing challenge in the country, noting that “housing finance and real estate investments have become some of your essential and critical niches. “.
This, the senior presidential adviser said, is part of the government’s commitment to invest in the housing sector to create a decent and affordable home for all.
Republic Bank Managing Director Mr. FaridAntar said that although Republic Financial Holdings Limited has a large balance sheet to finance oil and gas projects, most multinational oil and gas companies have their own capital.
Thus, he said, there were not many opportunities in the oil and gas sector for regional or local banks in Trinidad and Tobago.
In view of this, he said, what local, regional and local banks in Trinidad and Tobago have been doing is financing support services in the areas of pipe laying.
In Ghana, he said, the bank was financing some ventures in the downstream oil and gas service companies.
“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.