The Asantehene, Otumfuo Osei Tutu II has urged the leadership of Consolidated Bank Ghana (CBG) to roll out innovative products with the main target of growing the agriculture sector as a strategic way of boosting the national economy.
He said as an indigenous bank wholly owned by government, it has a critical role to play in growth of the sector that serves as a source of livelihood for many Ghanaians, and has been touted as the economy’s backbone over the years.
The Asantehene is worried that most banks are reluctant to support the sector, which he believes has a huge potential if proper mechanisms are put in place in the form of long-term investments by financial institutions.
He was addressing the board and management of the bank at the Manhyia Palace in Kumasi, when they paid a courtesy call on him.
The CBG team. led by its board chairman Welbeck Abra-Appiah, was at the palace to seek the Asantehene’s blessings ahead of opening two new branches of the Bank at Asafo and Alabar, and also pay homage to him as he marks 20 years on the Golden Stool.
Otumfuo counselled leadership of the bank to adopt best banking practices to justify the confidence reposed in them by government and the central bank to protect the deposits of their customers.
They should think outside the box and manage the funds injected into the bank by government judiciously, not only for the benefit of their customers but also the national economy.
Mr. Abra-Appiah, Board Chairman of the bank, said due to the over-concentration of some branches of the seven banks that formed the CBG in particular locations, the bank has strategically closed down some branches.
He said the Ashanti Region has the highest number of branches, with 22 out of the 90 branches across the country.
He pledged the bank’s commitment to working in the interest of taxpayers whose funds were used to establish the bank, and contributing meaningfully to growth of the banking sector.
Daniel Wilson Addo, Managing Director of the Bank, said the bank will support Medium and Small-Scale Enterprises (MSE), which are mostly indigenous businesses.