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Asantehene challenges financial
institutions
Kumasi, June 24, Ghanadot/GNA – The
Asantehene, Otumfuo Osei Tutu 11, has challenged financial
institutions to design innovative strategies that will help
attract ordinary traders to transact business with them.
He said the fact that about 60 per cent of money was
circulating
outside the banking system was an indication that the banks
were not
doing enough to entice people, especially petty traders and
small scale entrepreneurs to transact business with them.
Otumfuo Osei Tutu made the call when a delegation of board
members
and management of Standard Bank Africa (Stanbic Bank) paid a
courtesy
call on him at the Manhyia palace in Kumasi on Tuesday.
The delegation led by the board chairman, Mr Emmanuel Asiedu
Mante,
also donated an amount of 150,000 Ghana cedis to support the
Otumfuo
Education Fund.
The Asantehene, said the growth of the nation’s economy
depended on a vibrant system, which was poised to offer
innovative and attractive services to the private sector to
expand and create jobs for the people.
Otumfuo Osei Tutu, stressed the need for banks to
collaborate
effectively with the private sector, especially the small
and medium ones and offer them financial services that would
help them to grow and expand to play their roles as the
engine of growth in the economy.
He said it was the responsibility of banks to ensure that,
the private sector grew, while at the same time encourage
university graduates to set up their own businesses.
Mr Asiedu Mante, on his part said one of the challenges
facing the financial sector was how to mop up the huge extra
liquidity outside the banking halls.
He said Stanbic Bank, which currently had 12 branches in the
country was providing financial assistance to some
identifiable trade associations to expand their operations.
Mr. Asiedu Mante commended the Asantehene for instituting
the educational fund which was helping to educate needy but
brilliant Ghanaian children.
GNA
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