Deputy Finance Minister Kwarku Kawrteng has charged multinational banks to spend part of the profits they make, in the Ghanaian economy.
This follows concerns about the growing trend of multinational companies, operating in the country, spending very little of their profits in the country.
Most of the strong banks currently operating in the industry, including Ecobank, Barclays Bank, Standard Chartered Bank, Societe General and UBA are foreign owned.
Speaking at a rebranding ceremony to unveil the new image from HFC bank to Republic Bank, Kwarteng asked management of the company to avoid such trend.
“I respectfully suggest that you should be slow in repatriating profit. Use your profit to expand your business in Ghana.”
The largest and most profitable Bank in the Caribbean, Republic Financial Holdings acquired HFC Bank in 2015, after a mandatory takeover sanctioned by the Ghana Stock Exchange.
It owns 57 percent shares in HFC Bank, which started as a non-bank financial institution.
Management of the Republic Financial Holdings, which is now the mother company of the bank has assured that the change of name will not affect the current operations of the bank.
However, Kwarteng has charged them to impact knowledge and experience from other cultures unto its employees and also asked them not to move away from their core mandate of mortgage banking.
“We are confident you will bring your experience to Ghana. We would want you to impart your expertise to our locals. Don’t move away from the reason you were given birth to. Republic Bank is necessary because it is a bigger bank. So, we welcome it, but remember that before you became Republic Bank you were HFC and so if people come for facilities please help them.”
Managing Director, Anthony Jordan, who could not hide his excitement, said the rebranding is a strong indication that the bank has come to stay “we have brought smiles to many Ghanaians by providing financing for affordable homes on the market as well as retail corporate and commercial banking.
“Today, we embark on a journey of transformation, greater success and becoming an even greater player in Ghana’s financial industry,” he said.
Republic Bank provides various banking services including, mortgage, retail and corporate banking, commercial banking, investments, Custody services and Brokerage.