The Asantehene Otumfuo Osei Tutu II has sternly cautioned petty traders that obtain loans from banks to boost their businesses not to use such monies to buy clothes and hold extravagant funerals for their deceased relations.

The Asante Monarch, in a speech read on his behalf by the Akyempimhene, Oheneba Adusei Poku, noted that bank loans are not free gifts so traders, notably market women, should use them judiciously.

The Asantehene gave the speech during the official opening of the Kumasi Kejetia branch of UniCredit Ghana Limited at a colourful event which was attended by the clergy, businessmen, traditional leaders, among others.

Otumfuo bemoaned situations whereby petty traders squander bank loans and cause several problems for themselves.

He called on the traders to work hard and repay the monies as stipulated to enable others benefit from similar packages from the banks.

Otumfuo also urged banks to improve accessibility to low interest loans in order to assist the business people to expand their businesses.

The Kejetia branch of UniCredit Ghana Limited is the first branch of UniCredit Ghana Limited outside Accra, the national capital.

Stephen Ameyaw, Managing Director, UniCredit Ghana Limited, said the primary objective of his outfit is to provide attractive deposit and credit delivery services to individuals and micro, small and medium enterprises.

He noted that the company intends to help customers improve their lives through wealth creation.

Mr. Ameyaw expressed delight at the significant gains chalked by the financial institution in the past few years, noting “in terms of expansion, the number of branches has increased from one at the time of the takeover to eight and will increase to nine by the end of the year.”