Banks Should Focus On The Growth Of Businesses- Asantehene

Otumfuo Osei Tutu II

Asantehene Otumfuo Osei Tutu II has encouraged the Management and Board of GCB Bank Public PLC to contribute to industrializing and growing Ghana’s economy.

As indicated by the King of the Asante Kingdom, offering cash to the government to procure more profit isn’t an easy approach to banking development and does not help to develop the country.

Otumfuo said the Bank should rather center around making accessible Long-term Loans to businesses and industries for faster economic development. Besides, it would invigorate job creation and decrease joblessness, as well as increase the value of the country’s raw materials.

These comments were made when a delegation comprising of the management and board members of the Bank visited the King at the Manhyia Palace on October 13, 2023.

“What role is the Bank playing to ensure the development of the country? What is the Bank doing to help the people in the country? Taking money and investing in treasury bills cannot in any way contribute to the development we so yearn for. That is the easy approach to get profit.”

“How does the Bank plan to contribute to agricultural and industrial development? Turn your attention to long-term loans,” he said.

Asantehene also referenced that, the Bank will be on the more secure side in giving long-term credits if it presents guarantee proposals and receives a guarantee from the country’s Central Bank to take loans for the purpose from the international market.

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He also alluded to an offshore initiative the Bank introduced years ago, which offered it adequate capital to lend to Ghanaians.

Meanwhile, the Managing Director, Mr Kofi Adomakoh also commented that despite the challenging moments the Domestic Debt Exchange Programme (DDEP) posed to banks across the country, GCB had dug up some authentic confidence and was flawlessly working.

He said the result will show in the Bank’s report toward the year’s end. He further said the success chalked by the Bank haven’t come without the help of the Asante Kingdom.

Otumfuo Osei Tutu II lauded the workforce of the Bank for stabilizing their operations. The delegation was at the Palace as part of their regional activities in commemorating their 70th Anniversary.

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