Asantehene advices financial institutions

Kumasi, Feb. 4, GNA - Otumfuo Osei Tutu II, Asantehene, has urged financial institutions to make their operations more attractive to entice people to the banks to save part of their earnings.

He said it was the good works of the private sector, including the banks that could help the Ghanaian economy to grow.

Otumfuo Osei Tutu was speaking when the management of the UniBank led by Dr Kwabena Duffuor, Chairman of the Board of Directors, called on him at the Manhyia Palace at the weekend to inform him about the opening of a branch of the bank in Kumasi.

The Asantehene said: "Whilst it is the duty of the government to lay down the financial policies, it is financial institutions that can help implement them efficiently to enable the country to achieve high economic growth".

"You should find strategies that can help traders at the Central Market and the mechanics at the Suame Magazine to save at the UniBank and educate them on how they can be granted loans to expand their businesses to employ more people", he added.

Otumfuo Osei Tutu advised them to respond to the Bank of Ghana's call on financial institutions to lower their interest rates on loans that they granted to their customers so that they could utilise them to start new business.

He said there were still some farmers who continued to keep their monies in their homes and these were the people they should target to save in the banks, adding that: "The youth can be encouraged to save through the 'Susu' system".

Dr Duffuor said UniBank was a wholly owned Ghanaian bank and its primary focus was to provide a comprehensive range of financial services to customers and Small and Medium Enterprises (SMEs).

He disclosed that the bank had carved a niche for itself winning within five years of operation a number of enviable and prestigious awards in the face of intense competition from other banks. The awards include Best Bank of Customer Care, Short-term Lending, Advisory Service, Growing Bank and Competitive Pricing.

Mr Joe Tetteh, Managing Director, said the opening of the Kumasi branch would be the seventh and it would commence business on February 12.

Dr Duffuor on behalf of the bank, presented a cheque of 20 million cedis to the Otumfuo Education Fund.