Banks urged to do more to support private sector growth
11/30/2011 5:30:09 AM -
Kumasi, Nov 29, GNA - The Asantehene, Otumfuo Osei Tutu II has called on financial institutions to do more to support the growth of the private sector of the economy.
He said banks needed to be innovative and introduce products that would bring vibrancy into the operations of small and medium enterprises to help them to expand and create jobs for the youth.
The Asantehene was speaking at the official opening of the Kumasi branch of the Energy Bank, Ghana, first of its kind to be inaugurated outside Accra on Tuesday.
The Asantehene was represented at the ceremony by the Akyempimhene, Oheneba Adusei Poku.
Otumfuo Osei Tutu II suggested to the management of the bank to explore the possibility of establishing a strong presence at the Kumasi Central Market and the Suame Magazine, the economic heartbeat of the Metropolis.
He said bringing banking services closer to the traders and artisans would undoubtedly help to inculcate in them the savings culture.
He also reminded the bank about the need to ensure best practices and to operate strictly within the banking rules and regulations.
Additionally, Otumfuo said it should serve as good corporate citizen by living up to its social responsibilities.
Mr Samuel Sarpong, the Metropolitan Chief Executive, said the decision by the bank to open a branch in Kumasi was a good one considering the strategic location of the city.
He repeated the government's determination to put in place prudent measures to create a business friendly environment to make the private sector the main driver of growth in the economy.
Mr Sarpong said the stability of economy attested to this and urged businesses to take advantage of the favourable economic atmosphere.
He encouraged the banks to work hard to assist traders to appreciate the importance of saving their money with them.
Dr Jimoh Ibrahim, Chairman of the Board of Directors of the bank, said they had lined up attractive products to help transform and improve the viability of businesses.
He said more branches would be established to give them strong foothold in the country.
Mr Sam Ayininuola, the Managing Director, said they would share their experiences and entrepreneurship with Ghanaian traders and industrialists in the area of banking and development.