29.12.2005 Business & Finance

Commercial banks urged to be innovative

Listen to article

Kumasi, Dec. 29, GNA - The Asantehene, Otumfuo Osei Tutu 11, has appealed to commercial banks to introduce innovative measures that will encourage more people to save with them. He said banks should devise means to mobilise the about 70 per cent of money that was currently outside the banking system. Otumfuo Osei Tutu made the appeal at the Manhyia Palace in Kumasi when a delegation from the Zenith Bank (Ghana) Limited, paid a courtesy call on him. The delegation, which was led by Mr Andy Ojei, Chief Executive of the bank, was at the palace to inform the Asantehene of the opening of a branch in Kumasi.

Otumfuo Osei Tutu said the recent influx of foreign banks to establish in the country show the confidence the financial institutions had in the Ghanaian economy. He said the stability of the state and favourable economic climate should encourage the private sector financial institutions to expand their activities, and offer loans to entrepreneurs to expand their businesses. Otumfuo Osei Tutu pledged the support of Asanteman to the establishment of a branch of the bank in Kumasi and urged the management to ensure the welfare of its Ghanaian employees.

Mr Ojei, on his part, said the bank, which had its headquarters in Nigeria, had assets worth over 2.5 billion dollars. He said the bank had come to Ghana because of the favourable economic climate, adding that, it currently employed over 70 workers who are all Ghanaians. Mr Ojei said the bank would offer services that would entice residents in the Ashanti Region to operate with them. The delegation presented 100 million cedis to support the Otumfuo Education Fund.