Banks’ Relevance Hinges on Contribution to Economic Growth – Asantehene

The Occupant of the Golden Stool, Otumfuo Osei Tutu II, has charged banks in Ghana to move beyond passive investments and play a more active role in driving national economic growth.

Speaking during a meeting with the Ghanaian leadership of UBA Ghana at the Manhyia Palace on July 31, 2026, His Majesty said the era where banks relied solely on government securities for profitability is over.

“Banks used to depend on Treasury Bills for a clean balance sheet annually. I am glad that chapter has been closed because that was not banking,” Otumfuo stated.

The Asantehene noted that for banks to remain relevant to Ghanaians, they must channel resources into productive sectors that create jobs and support businesses.

“Banks have to be relevant to the economy and contribute to economic growth. Fashion some initiatives for that,” he urged.

His Majesty emphasised that financial institutions must design products and policies that directly support SMEs, agriculture, manufacturing, and other key sectors of the economy.

According to Otumfuo, this is the only way the banking sector can justify its position as a critical partner in national development.

The meeting with UBA Ghana’s Managing Director, Bernard Appiah, and Executive Director, Daniel Sarpong, formed part of a courtesy call to introduce the Bank’s first Ghanaian leadership since it began operations in the country over 20 years ago.

His Majesty expressed confidence that with the right customer-focused strategies, banks can win public trust, mobilise savings kept at home, and invest them in ways that deliver real impact for communities across Ghana.

Story by Hajara Fuseini

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