Otumfuo tasks CBG to support agric sector

Some board and management members of CBG with the Asantehene

The Asantehene, Otumfuo Osei Tutu II, has urged the leadership of Consolidated Bank Ghana (CBG) to roll out innovative products to grow the agriculture sector to boost the country’s economy.

He said as an indigenous bank wholly owned by government, it has a critical role to play in the growth of the sector, which serves as a source of livelihood for many Ghanaians and backbone of the economy.

The Asantehene said that most banks were reluctant to support the sector, which he said could develop the economy if proper mechanisms are put in place in the form of long-term investments by financial institutions.

He disclosed this to the board and management of the bank at the Manhyia Palace in Kumasi when they paid a courtesy call on him.

The CBG Team, led by its board chairman, Welbeck Abra-Appiah, was at the palace to seek the blessings of the Asantehene ahead of the opening of two new branches of the bank at Asafo and Alabar and also pay homage to him during his 20th Anniversary.

Otumfuo counseled the leadership of the bank to adopt best banking practices to justify the confidence reposed in them by government and the Central Bank to protect the deposits of their customers.

Welbeck Abra-Appiah, the Board Chairman of the bank, said due to the over concentration of some branches of the seven banks that form the CBG in particular locations, the bank has strategically closed down some branches.

He said the Ashanti Region has the highest number of branches with 22 out of the 90 branches across the country.

He pledged the commitment of the bank to working in the interest of the taxpayer whose funds were used to establish the bank and contribute meaningfully to the growth of the banking sector.

Daniel Wilson Addo, Managing Director of the Bank, said the bank would support Medium and Small-Scale Enterprises (MSE) which are mostly indigenous businesses.