In a landmark address at the inaugural Black Heritage Network Symposium held on August 2, 2024, at the Citi Group UK headquarters in Canary Wharf, London, Otumfuo Osei Tutu II, the revered Asantehene, proposed a strategic partnership between his palace, Citibank, and the Asante Professionals Club (APC) to launch the Manhyia-UK Citibank Funding initiative aimed at enhancing private sector growth in Ghana.
The Asantehene, a central figure in Ghana’s cultural and economic landscape, acknowledged the pressing challenges faced by the private sector, particularly the acute lack of capital required to initiate and sustain business growth. “The private sector is considered the engine for growth, yet it is hindered by inadequate financial resources,” he stated, emphasizing that addressing this issue is critical for national development.
In his compelling vision for the proposed initiative, Otumfuo outlined the potential of harnessing financial resources to empower local entrepreneurs. “We need to create a well-resourced funding vehicle that catalyzes private sector activities,” he suggested. The initiative aims not only to stimulate business development but also to generate employment opportunities and foster wealth creation, which are essential for meeting the socio-economic needs of the country.
Otumfuo Osei Tutu II’s proposal is strategically designed to attract investment while ensuring that the community benefits from the initiatives. “This is not a plea for charity. It is a plea for mutual prosperity,” he asserted. The leadership encouraged potential investors, particularly from the UK, to recognize the untapped opportunities within Ghana, highlighting the nation’s pool of highly skilled youth eager to contribute to the economy.
The Asantehene further articulated the broader socioeconomic implications of the initiative, suggesting that a thriving private sector could significantly narrow the wealth gap between northern and southern Ghana. “For every 1,000 jobs created by Ghanaian industries, the pressure on migration to Europe or America eases a notch,” he explained, showcasing how the initiative could serve as a pivotal solution to both economic and social challenges, including the migration crisis.
Otumfuo concluded his address with a call to action for all stakeholders involved, urging them to define a framework for this funding initiative that could become a benchmark in private sector development in Ghana. “You have the assurance of the full support of the Golden Stool in this endeavor,” he reassured, invoking the heritage and historical significance of the Asante Kingdom in fostering collaboration and growth.
As the symposium gathered prominent business leaders, investors, and policymakers, Otumfuo’s vision resonated, setting the stage for a potential transformative partnership that could redefine the landscape of private enterprise in Ghana. The Manhyia-UK Citibank Funding initiative holds promise, not only for the economic rejuvenation of the Asante region but for the overall advancement of Ghana as a viable investment destination in Africa.
Godwin Owusu Frimpong
