In an effort to promote industrialization and job creation, Asantehene Otumfuo Osei Tutu II has encouraged Standard Chartered Bank Plc to give economic recovery and development top priority by lending critical cash to small enterprises and the agricultural sector.
He has advocated for the creation of specifically designed loan packages with adjustable interest rates and terms of repayment for the nation’s enterprises, who are facing difficult economic times.
During a courtesy visit by a few representatives of the Bank’s Management, which has its headquarters in the UK, Otumfuo stressed the importance of providing financial support to these companies in order to keep them open and to promote the opening of new ones.
“We are eager to see how banks might support the current economic downturn, even though it seems like they are dealing with their own difficulties. It’s time we put more effort into providing small businesses with the funding they need. Banks are necessary to sustain them. To encourage industrialization, certain policies need to be developed especially, he said.