May 2016 Financial News

Republic's HFC Bank explores T&T-Ghana links

May 11, 2016

ACCRA—HFC Bank, a member of Republic Bank Holdings Limited, hosted a cocktail reception on Monday evening with Prime Minister Dr Keith Rowley as part of his four-day official visit to Ghana.

The reception was also attended by Vice-President of Ghana, K.B. Amissah-Arthur, as well as members of the high-powered delegation accompanying Dr Rowley on his official visit. Ghana Government officials, the diplomatic community, representatives of the private sector in Ghana, Trinidadian nationals in Ghana and HFC Bank stakeholders were also at the function.

Dr Rowley, who is visiting Ghana for the first time has already met with President John Dramani Mahama to discuss issues of mutual benefit to the two countries.

The Managing Director of HFC Bank Robert Le Hunte, said there are too strong similarities between Ghana and T&T which gives indications that the two countries are virtually one people.

“Republic Bank’s Association with HFC Bank has helped project Trinidad and Tobago in Ghana. We would like to be a bridge through which solid long-term business linkages are developed between our two countries. “We have no doubt that this historic visit of His Excellency Dr Rowley will deepen the ties that have existed between the two countries,” he said.

Nigel Baptiste, Managing Director of Republic Financial Holdings Limited, said the goal of Republic Bank is always to add value to the local context in which it is operating.

“One of the other areas in which Republic Bank hopes to make a difference in Ghana is in the oil and gas sector. Based on our experience back home, we believe we can help accelerate the development of the industry in Ghana and, in particular, provide financing to local companies so as to make local content as meaningful in Ghana as it has been in the T&T oil and gas industry, he said. Baptiste added: “We see opportunities to facilitate linkages between companies in the oil and gas sector in Trinidad & Tobago and Ghanaian companies”

Prime Minister Rowley underlined the commitment of his government to closer political and economic ties with countries in Africa. Among potential areas of co-operation, he indicated that T&T had over 100 years of oil and gas production and had been particularly successful in giving value to their natural gas resources.

He said: “Our experience with utilizing gas both for power generation and for the development of a petrochemical industry as well as exports of liquefied natural gas (LNG) could be of interest to countries in Africa and we are keen to share our experience in oil and gas with our brothers in Africa.”

Dr Rowley said it was not surprising that Ghana is be the first country he is visiting on the African continent. “Dr Kwame Nkrumah, CL James, George Padmore and Dr. Eric Williams, through their various works and fight for the freedom of the African, have left our countries with important legacies that we must advance. The work these great men started has pre-ordained this collaboration; together, we can advance faster and more effectively” he said.

Ghana Vice-President K B Amissah-Arthur emphasised the vital lessons and experiences that the two countries could share in various sectors including petroleum activities and gas infrastructure. “Ghana is strongly encouraging joint venture businesses with foreign counterparts as well as promoting public private partnership,” he said.

Republic Bank acquired a majority shareholding in HFC Bank in May 2015. Prime Minister Rowley and his 12-member delegation are due to return to the country tomorrow.

Source:
Trinidad Guardian
Wednesday May 11, 2016

http://www.guardian.co.tt/business/2016-05-11/republic%E2%80%99s-hfc-bank-explores-tt-ghana-links