Economic renaissance needed between Africa, Caribbean — Republic Bank MD
The Managing Director of Republic Bank (Ghana) PLC, Benjamin Dzoboku, has advocated an economic renaissance that creates opportunities for more partnerships between Africans and the Caribbean.
He made the call when speaking on the topic, ‘Accelerating Opportunities to Achieve our Full Potential’ as part of a panel discussion at the just-ended 21st Trans-Atlantic Trade and Investment Symposium organised by the Emancipation Support Committee of Trinidad and Tobago as part of the Emancipation Day Celebrations.
In proposing some solutions to the current issues that are hindering the Trans-Atlantic Trade Relations between the two regions to help achieve their full potential, he mentioned for instance, the need to improve market information across both regions.
He also said it was important to provide direct air and shipping transportation, access to free entry of goods and services as well as the need for governments to deal with double taxation and the high tariffs on imports and exports of goods and services.
Mr Dzoboku also proposed to investors to leverage the financial conduit created by Republic Financial Holdings Limited (RFHL) through Republic Bank (Ghana) PLC and explore the opportunities.
“At Republic Bank, we firmly believe that partnerships between Trinidad and Tobago and Ghanaian businesses can create a win-win situation.
Looking at Africa’s population of 1.46 billion and land size of 30.4 million square kilometres, as well as being the same people, just separated by an ocean, trade between the two regions should be over billions and not the current $378m being recorded.
As trailblazers, we are committed to advocating this economic renaissance,” Mr Dzoboku added.
Background
In recent times, there have been calls from both countries to go beyond the cultural and historical similarities to build deeper trade relationships between the two countries.
Republic Financial Holdings Limited (RFHL) with its over 186 years in banking in 2015 took a major step to make a major Diaspora Investment in Ghana and eventually became the majority Shareholder in the then Ghanaian Bank, HFC Bank now Republic Bank (Ghana) PLC due to Ghana’s stable emerging market environment.
Since then, Republic Bank Ghana, which has proven to be successful, organised four Trade Missions from the Caribbean to Ghana to establish and strengthen trade ties between the two countries but has faced many challenges which the Managing Director seized the opportunity to address at the symposium.
The symposium was opened by Khafra Kambon, Doctor of Humane Letters (h.c.), and the Director of Regional and Pan African Affairs of the Emancipation Support Committee of Trinidad and Tobago.
Other speakers included the Minister for Trade and Industry, Trinidad and Tobago, Paula Gopee-Scoon, who gave the welcome remarks, and Stacy Adams, Vice-President, Investor Services, InvestTT.
Nana Otuo Siribuo II, Juabenhene, represented the Asantehene, Otumfuo Osei Tutu II as the special guest of honour.