The Asantehene, Otumfuo Osei Tutu II, has proposed a ‘Manhyia Special Initiative’ in partnership with Citibank and Asante Professionals Club UK to create a well-resourced funding vehicle aimed at supporting private sector ventures in Ghana.
In a riveting address at the heart of London’s financial district, the Asantehene emphasised that “this initiative is not a plea for charity but a strategic move for mutual prosperity.”
Speaking to a distinguished gathering, including former president of Ghana – His Excellency President Agyekum Kufuor, representatives from Citigroup, scholars, diplomats and captains of industry, he made a powerful call for deeper collaboration between human and financial capital to drive Ghana’s development.
The Asantehene emphasised the critical need for partnerships that leverage both human talent and financial resources.
Highlighting the untapped potential within Ghana and the broader African continent, the Asantehene underscored the limitations of relying solely on government-led development initiatives. He pointed to the successful transformation of China through private enterprise as a model for Ghana to emulate, urging for substantial investment in the private sector to fuel growth and create employment opportunities.
The Asantehene paid tribute to former President John Agyekum Kufuor for his historic achievement in elevating Ghana from a Heavily Indebted Poor Country (HIPC) to a middle-income country. However, he expressed regret about the challenges in sustaining this trajectory and called for a paradigm shift in the approach to development, advocating for a stronger role for the private sector.
The Asantehene also touched on the broader global context, noting the critical importance of addressing economic disparities to mitigate issues such as migration and social instability. He called on the City of London to leverage historical ties and collaborate in driving economic development in Ghana, thereby contributing to global stability.
The Asantehene expressed confidence in the future and urged all stakeholders to “get cracking” on the ambitious mission to transform Ghana’s economy through innovative partnerships and strategic investments.
Citigroup’s Senior Economist for Africa, David Cowen, underscored Ghana’s economic and cultural relevance to the everyday life of the global community through commodities like cocoa and gold. He commended Otumfuo’s efforts toward cultural preservation and said the reclamation of cultural assets is central to boosting cultural exchange between Ghana and the rest of the world.
Citigroup Chief Client Officer, David Livingstone, drew parallels between the Asante Kingdom’s rich history and Citibank’s legacy of innovation. He highlighted Citibank’s continued involvement in global economic activities, including significant operations in Ghana’s key commodities – cocoa and gold. Livingstone expressed Citibank’s commitment to fostering economic progress in Ghana and across Africa.
The event, facilitated by the Citi Black Heritage Network and the Asante Professionals Club UK, was part of a series of events in London to mark the Silver Jubilee of Otumfuo’s ascension to the Golden Stool. Otumfuo’s public address preceded a closed door meeting with Citigroup officials at Citigroup London head office.
