First Allied Savings and Loans Limited, one of the indigenous non-banking financial institutions in the country, has opened a new branch in Techiman, commercial hub of the Brong Ahafo Region.
The Techiman branch is the fifth in the country, and the first in the Brong Ahafo Region since the inception of the company 10 years ago.
Speaking at the opening ceremony in Techiman, the Head of Banking Supervision of the Bank of Ghana (BoG), Rev Frederick France, said there was no need for the public to panic during the re-denomination exercise, because the old currency would circulate alongside the new one for some time and so the public would not lose their savings.
Rev France said the re-denomination of the cedi was a crucial issue in the economy and called on all stakeholders, especially the rural and community banks, to help educate the public on the new currency.
The Brong Ahafo Regional Minister, Mr Ignatius Baffour-Awuah, lauded the bank for extending its operations to the region, specifically Techiman, where people from countries in West Africa come to buy most primary agricultural produce.
The Managing Director of First Allied Savings and Loans Company, Mr Phillip Y. Amakye, pledged that the company would continue to develop more innovative products and credit facilities for the public.
The Omanhene of the Techiman Traditional Area, Oseeadeyo Akumfi Ameyaw IV, who chaired the function, appealed to financial institutions in the area to contribute towards the construction of a police barracks, a project initiated by the traditional council to enable the Police Administration post more personnel to Techiman to stem the high crime wave in the town.
Story by Samuel Duodu