Boost economic recovery with targeted support for small businesses – Otumfuo to Standard Chartered Bank

Asantehene Otumfuo Osei Tutu II has urged Standard Chartered Bank Plc to prioritize economic recovery and development by providing essential capital to small businesses and the agricultural sector, aiming to drive industrialization and job creation.

He has called for the introduction of specially tailored loan packages with flexible interest rates and repayment terms for businesses in the country, which are grappling with a struggling economy.

During a courtesy visit by some members of the Bank’s Management, headquartered in the United Kingdom (UK), Otumfuo emphasized the need to support these businesses with financial assistance to prevent them from closing down and to encourage the establishment of new ones.

“The economy is struggling these days, and we are looking forward to how banks can be of help, though it appears they are also facing their own challenges. It’s about time we focused on equipping small-scale businesses with the necessary revenue. They need banks to support them. Some policies must be specifically formulated for them to promote industrialization,” he stated.