Asantehene buys one billion cedis of GDHC shares

Public share offer of the Golden Development Holding Company (GDHC), a limited liability company set up to provide the impetus to the socio-economic development of Asanteman, has been launched with the Asantehene, Otumfuo Osei Tutu II, buying one billion cedis value of the shares.

On sale were 60 million shares with a target for 30 billion cedis. This amount would be used by the company to establish a commercial bank that would give the necessary capital support to the GDHC’s planned economic ventures that are to be undertaken either solely or on partnership basis.

Ashanti Regional Minister, Sampson Kwaku Boafo told the launching ceremony in Kumasi that attracted a huge assembly of high profile business executives, that the initiative to set up the company is in line with government’s goal of promoting the private sector to drive the country’s economy.

He noted that the interventions to achieve private sector-led economic growth would not achieve much if all Ghanaians do not play their expected roles.Government could put in place tax relief, open up new areas for private operators or provide funds for start-ups among other things, but without the co-operation of the Ghanaian entrepreneur and businessman, it could all become a wasted effort.

Mr. Boafo said with the gold, cocoa and timber industries that had sustained both the regional and national economies over the years in precarious decline, it was heart-warming to see such bold and innovative initiative taken by the Asantehene to move the development of Ashanti forward. Oyeeman Wereko Ampem, chief of Amanokrom and Chancellor of the University of Ghana, in a launching address read for him, said the focus of traditional rulers should now be on the establishment of peace, social order and justice as well as supplement the development efforts of the government.

He said it was therefore, commendable that Otumfuo Osei Tutu after laying a solid base on the social field has turned attention to economic development.The Chairman of the Board of Directors of the Company, Dr. Kwame Donkor-Fordwor, said the difference between the GDHC and the regional development corporations that existed in all the regions is that it has a new orientation based on private sector philosophy.

Dr. Donkor-Fordwor, who was a former President of the African Development Bank, observed that good conditions now exist in the country that should be taken advantage of, for economic take-off.He said the “initiative should be seized to make life slightly better and comfortable for the ordinary person.”The board chairman said the GDHC would mobilise resources for the private sector to create employment opportunities and wealth, adding, “let us all put our shoulders together to pull the wheels of development”.