Tailor Special Loan Packages for Small Businesses; Otumfuo to StanChart Bank
The King of the Asante Kingdom has encouraged the Management of Standard Chartered Bank Plc to redirect some of their focus to economic recovery and development by providing the needed capital to small businesses and the agricultural sector to drive industrialisation and job creation.
He has called for specially tailored loan packages with flexible interest and repayment terms for businesses in the country amid the struggling and hardship-hit economy.
During a courtesy call by some Management members of the Bank headquartered in the United Kingdom (UK), Otumfuo stressed on the need to give such businesses the needed financial assistance to avoid folding up and enhance the establishment of many more.
“The economy is struggling these days and we are looking forward to how banks can be of help but it appears they are also having their fair share of the struggles. It’s about time we focused on how to equip small-scale businesses with revenue. They need banks to help them. Some policies must be specifically formulated for them for industrialisation.”
Otumfuo further noted that the usual government securities investment by Banks is the principal factor stagnating the economy of Ghana as he described it as unprofitable.
“Taking people’s money and just investing isn’t very profitable. Agriculture is the engine of Ghana’s development but since it takes a while for farmers to repay loans, the banks shun it. What they tend to do is take people’s money and invest and that is why we are stagnant in development.
“Let’s set aside some monies for small businesses. You have your headquarters abroad and so you should leverage that advantage to do this. Sit with them and propose this to them. It will distinguish yourself from all other banks in the country.”
Management of SCB paid a courtesy call on Asantehene Otumfuo Osei Tutu II at Manhyia Palace today, June 21, 2024, purposely to congratulate him on his Silver Jubilee.
The delegation was made up of Dr. Setor Quashigah, Executive Director and Head of Affluent & Wealth Management; Nana Prempeh, Head of Priority Banking; Charles Johnson, Branch Manager; Elizabeth Antwi Boasiako, an Insurance Specialist for Up-country; and Ohenenana Yaa Asantewaa, Palace Relationship Manager.
