Dr Joseph Oteng-Adjei, Minister of Energy on Tuesday expressed government’s willingness to tap into the experiences of Trinidad and Tobago to build a strong and vibrant financial sector to support the oil industry.
Speaking at a meeting with a delegation of bankers from the Republic Bank of Trinidad and Tobago, Dr Oteng-Adjei said lessons to create financial model to help Ghana’s nascent oil and gas industry without sacrificing other sectors were welcomed.
“We must be able to pick a lesson or two on how to facilitate the oil industry through support for the services, which will come alongside oil production without catching the Dutch disease,” he said.
The delegation, led by Mr Hilton John Mitchell, Consul of the Republic of Trinidad and Tobago, is in the country to explore opportunities within the financial sector of the Ghanaian economy.
They would interact with major players within the financial sector, meet Ministers of State, regulators, Managing Directors of Banks and the Business Community.
Trinidad and Tobago is noted for her efficient production, processing and monetization of gas, being the largest producer of methanol and ammonia in the world.
The Republic bank has proven expertise in financing the oil and gas sector with interest in agriculture.
Dr Oteng-Adjei assured the delegation of government’s support when the bank decided to establish a subsidiary in the country.
Mr Gregory Thompson, Deputy Managing Director of Republic Bank, said there were no definite plans to establish a subsidiary in Ghana yet, but the delegation was still at the exploratory stage for opportunities.
He said the bank, with assets in excess of seven billion dollars, had gathered a lot of expertise in the petroleum downstream industry and in local content that could be shared with the Ghanaian authorities.