Otumfuo proposes Manhyia-UK Citibank Funding initiative for private businesses

The King of the Asante Kingdom, Otumfuo Osei Tutu II, has offered a platform for partnership with Citibank, a preeminent banking partner for institutions with cross-border needs in the United Kingdom (UK), to establish a vehicle to support the private sector in Ghana.

Delivering the keynote address at the maiden edition of the Black Heritage Network Symposium held at the Citi Group UK Head Office in Canary Wharf, London, on August 2, 2024, Otumfuo said the sector lacks the serious capital needed to start and grow businesses.

This plight bedeviling the sector, he indicated, was making it impossible for the country to actualize the saying that the “private sector is the engine for growth.”

Otumfuo proposed a collaborative drive between his Palace, Citibank, and the Asante Professionals Club (APC) to establish a special initiative to create a well-resourced funding vehicle to boost private sector growth.

This, he noted, will be an avenue to create jobs for Ghanaians, create wealth, and contribute to the social needs of the country while providing a reasonable return for the investors.

“It is not a plea for charity. It is a plea for mutual prosperity. You are aware of the potential of Ghana and the opportunities open for investment. You have before you also a cream of highly skilled young men and women primed to take on any task. Between you, I offer the challenge of developing a vehicle that may be a landmark for private sector development. You have the assurance of the full support of the Golden Stool in this endeavour.”

In the long run, the Asantehene anticipates that the wealth gap between the north and south will be closed while migration will be curtailed.

“For every 1,000 jobs created by Ghanaian industries, the pressure on migration to Europe or America eases a notch. It may not be the headline grabber, but it is one practical step that can make a difference. And, guess what, if the Ghanaian economy is in great shape, the world can depend on us to share in the burden of supporting those driven by circumstances to seek.”